金融支持、研发创新与企业绩效关系研究  

作　　者：董世红 

机构地区：[1]中国地质大学(北京)地球科学与资源学院

出　　处：《企业经济》2015年第4期183-187,共5页Enterprise Economy

基　　金：国家社科基金项目"企业集团与下属上市公司之间内部并购和治理机制研究"(批准号批准号:13BGL054)

摘　　要：在经济新常态下,企业研发创新既是企业转型升级的主要推动力,也是企业长期成长的重要因素。本文利用我国上市公司2001-2013年的经营性数据,分析了企业研发强度和金融约束对企业成长的影响。研究结果表明:企业研发强度和金融资金约束的减轻,都对企业成长有正向影响。但是,当企业的贷款额(资产负债率)超过一定水平即62%后后,企业的研发强度反而会减弱,甚至负向影响企业成长。这个结果也表明:企业的研发资金很可能来源于企业内部,而银行贷款等主要用于企业的生产、项目投资等,即金融支持与研发创新对于企业成长仍没有形成良性结合。In the new economic situation, enterprise innovation is not only the main driving force of the transformation and upgrading, but also an important factor of the long- term growth. This paper uses the data of listed private enterprises to make an analysis of the influence of financial constraints and R＆D intensity on firm growth. The results show： the reductions of R＆ D intensity and financial constraints both have a positive effect on firm growth. However, when the financial constraints exceed the threshold value （62%）, the R＆D intensity will become low, and even affect the growth. The result indicates that R＆D capital might originate from the inner of the enterprise, and the bank loan is mainly used for the production and project investment of the enterprise, namely the financial support and R＆D innovation for the firm growth has not formed a benign combination.

关 键 词：金融支持 研发创新创新 上市企业 企业成长 

分 类 号：F832.1[经济管理—金融学]