融资约束背景下的企业研发投入与新产品开发绩效——基于中国工业企业数据库的面板模型分析  

R&D Investment,Financing Constraints and New Product Development Performance——Based on Panel Data Analysis of Industrial Enterprises Data of China

作　　者：王希泉[1,2] 申俊龙[1] 

机构地区：[1]南京中医药大学经贸管理学院,江苏南京210023 [2]复旦大学管理学院,上海200433

出　　处：《科技管理研究》2016年第11期131-138,共8页Science and Technology Management Research

基　　金：江苏省教育厅高校哲学社会科学基金项目"公司治理对企业社会责任的激励约束机制及其政策研究"(2013SJB6300110);国家自然科学基金项目"产业转移的碳溢出效应测度研究--以皖江城市带承接产业转移示范区为例"(71203100)

摘　　要：以往研究对于企业研发投入强度与新产品开发绩效之间的互动关系存在着正向影响与负向影响的不同结论,原因之一在于未考虑融资约束等情境因素的影响。从融资约束的视角研究企业研发投入强度与新产品开发绩效之间的影响关系,基于构建面板回归模型的方法和中国工业企业数据,实证结果表明:(1)进一步验证了研发投入强度与新产品开发绩效之间的正向关系的存在;(2)研发投入强度与新产品开发绩效存在着非线性倒U型关系;(3)检验了融资约束存在的调节效应,内部融资约束与外部融资约束对于上述关系的影响不同。研究结果可以为企业、政府和金融机构共同促进形成新产品研究提供理论与政策指引。Previous studies exist different conclusions about the positive impact and negative impact of the interactive relations between the strength of RD investment and new product development performance. One reason is that the impact of financial constraints and other contextual factors are not taken into account. In this paper,from the perspective of the effects of financing constraints relationship between the intensity of RD investment and new product development performance,empirical data of Chinese industrial enterprises based on the results of the panel regression model are constructed.This paper shows that（ 1） to verify the research there is a positive relationship between the strength of investment and new product development performance;（ 2） RD intensity and the existence of new product development performance have nonlinear inverted U-shaped relationship;（ 3） the moderating effect of financing constraints is verified; internal financing constraints and external financing constraints have different influence on the above-mentioned relations. These results can provide theoretical and policy guidelines for corporations,governments and financial institutions to promote the RD of new products.

关 键 词：研发投入强度 新产品开发绩效 融资约束 面板模型 

分 类 号：F273.2[经济管理—企业管理] F273.1[经济管理—国民经济]