融资约束降低了中国研发企业的生存概率吗?  

Does financial constraints decrease the survival likelihood of Chinese R&D firms?

作　　者：逯宇铎[1] 戴美虹[1] 刘海洋[1] 

机构地区：[1]大连理工大学管理与经济学部经济学院,辽宁大连116024

出　　处：《科学学研究》2014年第10期1476-1487,共12页Studies in Science of Science

基　　金：辽宁经济社会发展课题(2012lslwtkt-06);辽宁省财政科研基金课题(11C030);教育部人文社会科学研究青年项目(11YJC790101)

摘　　要：对应2000-2006年中国工业企业与中国海关进出口数据库,选取Kaplan-Meier生存与危险函数、Cox生存分析模型验证融资约束影响研发企业生存概率假说:中国研发企业通过缓解内源、外源融资约束,有助于提升自身生存概率。Weibull模型稳健性检验结果显示:(1)不同规模企业均能通过缓解内源融资约束提高生存概率,但只有大中规模企业能够通过增强外源融资能力延长生存寿命;(2)融资能力对研发企业生存概率的正向影响效应存在于金融发展水平较高地区,但这一效应并不显著存在于金融发展水平较低地区。因此,融资能力越强的中国研发企业生存概率越高,本文结论为延长中国研发企业生存寿命提供了新的启示。Matching the data of Chinese Industrial Enterprise Database and China＇ s Customs Database during 2000-2006,using the Kaplan-Meier survival,hazard function model and Cox survival model,this paper verifies the hypothesis that financial constraints af fect the survival likelihood of R＆D firms：the survival likelihood of Chinese R＆D firms will be increased by relieving firm＇ s external or internal financing constraints.The robustness tests of Weibull model show that：（1） the positive effect of improving internal financing constraints to firm＇ s survival likelihood does exist in firms of different scales,but only large and medium-scale firms can increase survival likelihood by relieving external financing constraints.（2） the positive effect of improving financial constraints to firm＇ s survival likelihood does exist in areas that develop better on financing,but this effect does not exist in other areas significantly.Therefore,Chinese R＆D firms with higher level of financing capability will survive longer.This paper provides a new inspiration for Chinese R＆D firms to increase survival likelihood.

关 键 词：融资约束 研发企业 生存概率 

分 类 号：F273[经济管理—企业管理] F832[经济管理—国民经济]