劳动力成本、融资约束与研发投入——基于中国A股上市公司的经验证据  

Labor Cost,Financing Constraints and R&D Investment:Empirical Evidence Based on China's Listed A-Shares

作　　者：姚文韵[1] 王琳 刘伟 沈永建[1] YAO Wenyun;WANG Lin;LIU Wei;SHEN Yongjian(School of Accounting,Nanjing University of Finance and Economics,Nanjing 210023,China)

机构地区：[1]南京财经大学会计学院,江苏南京210023

出　　处：《审计与经济研究》2018年第4期75-85,共11页Journal of Audit & Economics

基　　金：国家社会科学基金项目(16BGL061);国家自然科学基金面上项目(71572073);教育部人文社会科学青年基金项目(14YJC630108);江苏省高校哲学社会科学研究项目(2013SJB630038);江苏省青蓝工程

摘　　要：以2009—2016年中国A股上市公司的数据为研究样本,对不同类型企业的劳动力成本上升与研发投入的关系进行分析比较。研究发现,在不同类型的企业中,劳动力成本上升对企业研发投入的影响存在显著差异。进一步研究发现,融资约束抑制了劳动力成本上升对于企业研发费用投入的驱动作用,企业较多的现金持有量则在一定程度上促进了这种驱动作用。将经济理论与企业财务相联结,研究企业产业升级与企业现实财务状况的关系,从理论层面丰富了经济学领域生产要素相互替代的理论文献,从实践层面可以为处于转型期的中国不同类型的企业产业升级决策提供实证借鉴。The A-share data of listed companies in China from 2009 to 2016 are selected as the research samples. The relationship between the rising cost of labor and RD investment in different types of enterprises is discussed. The empirical results show that there are significant differences in the impact of rising labor costs on RD investment in different types of enterprises. Compared with capital intensive enterprises,the RD expenditures of labor intensive enterprises affected by rising cost of labor is more remarkable,and there are significant differences. In addition,this paper also explores the impact of financing constraints and corporate cash holdings on the relationship between labor costs and RD investment. The results show that the financing constraint restrains the driving effect of the rising labor cost on the RD expenditure of the enterprise,while the cash holding capacity of the enterprise has promoted the driving effect to a certain extent. By connecting economic theory with enterprise finance,this paper explores the relationship between industrial upgrading and financial situation of enterprises,which can enrich the theoretical literature of the substitution of production factors in the economic field from the theoretical level,which can provide empirical reference for the different types of enterprise industry upgrading decisions in China in the transitional period.

关 键 词：劳动力成本 研发投入 融资约束 现金持有 要素价格 劳动力密集 产业升级 

分 类 号：F235.99[经济管理—会计学]