金融发展、融资渠道与企业研发投入——基于中国高科技上市公司面板数据的实证研究  

Financial Development,Financing Channels and Company's R&D Input——Empirical Study on China's High-tech Listed Companies Panel Data

作　　者：陈志刚 方进 桂立 CHEN Zhi - gang FANG Jin GUI Li(Institution for the Development of Central China, Wuhan University, Wuhan 430072, Chin)

机构地区：[1]武汉大学中国中部发展研究院,湖北武汉430072

出　　处：《资源开发与市场》2017年第11期1371-1377,共7页Resource Development & Market

基　　金：国家社会科学基金重点项目"金融发展与科技创新:理论和中国经验"(编号:13AJL005);教育部重点研究基地重大项目"中国经济结构与经济发展方式转变研究"(编号:12JJD790002)

摘　　要：以中国高科技上市公司2009—2015年面板数据为样本,就金融发展和融资渠道对我国企业研发投入的影响进行了实证研究。研究发现:(1)总体上看,我国高科技上市公司企业研发活动存在融资约束问题,金融发展可提高企业研发投入,且企业研发投入不依赖于股权融资而依赖于商业信用融资。(2)分地区看,东部地区的金融发展提高了企业研发投入,而中西部地区的金融发展与企业研发投入不相关。在东部和中西部地区,股权融资会降低企业研发投入,即在东部和中西部地区企业研发投入不依赖于股权融资。(3)从所有权性质看,在国有控股公司中,金融发展与企业研发投入不存在显著关系,国有企业的研发投入依赖于商业信用融资;但在私人控股公司中,金融发展会显著提高企业研发投入,非国有企业的研发投入不依赖于股权融资。从缓解企业研发投入的融资约束、增强高科技上市公司的企业研发投入角度,提出相关政策建议。In this paper,677 enterprises in Shanghai and Shenzhen A - share market in 2009 - 2015 were used as the research samples to study the impact of financial development and financing channels on R＆D investment. The results showed that： ① Overall, there were financing constraints in China＇s high- tech listed companies R＆D activities. Financial development helped to improve the R＆D investment, and the R＆D investment which relied on commercial credit financing was independent on equity financing. ②For different areas, in the eastern region,the financial development significantly improve R＆D investment, and the R＆D investment was not related in the central and western regions. In the east and the midwest regions, the equity financing significantly reduced R＆D investment, that was not dependent on equity financing. ③For different ownership companies, in the state - owned holding enterprises, there were no significant relationship between the financial development and R＆D investment, the R＆D investment depended on commercial credit financing. In nonstate holding enterprises, the financial development would improve the R＆D investment, which did not depend on equity financing.

关 键 词：金融发展 融资渠道 研发投入 融资约束 商业信用融资 股权融资 

分 类 号：F830.2[经济管理—金融学]