投融资管理、融资约束与R&D投资效率关系的实证研究  

An Empirical Study on Investment and Financing Management,Financing Constraints and R&D Investment Efficiency

作　　者：谢华[1] XIE Hua(Jincheng College, Sichuan University, Chengdu 611731, China)

机构地区：[1]四川大学锦城学院,四川成都611731

出　　处：《河北科技大学学报（社会科学版）》2020年第3期19-27,共9页Journal of Hebei University of Science and Technology:Social Sciences

基　　金：国家自然科学基金项目(71472088);中央高校基本科研业务费专项资金资助项目(30920140132004);成都市社科课题(YN0520200049);四川省教育厅体育中心课题(TY2020226)。

摘　　要：创新是经济发展的第一动力。创业板上市公司有强烈的创新意愿,但面临着较大的融资约束,造成研发不足,从而影响R&D投资效率。对2015~2018年创业板上市公司投融资数据进行研究发现:创业板上市公司投融资管理组织越规范、制度越完善,融资约束越小,企业R&D投资效率越高;反之投融资管理越混乱,融资约束越大,R&D投资效率越低。从具体数据分析,企业融资约束与R&D投资效率呈负相关,但加入投融资管理因素后,投融资管理、企业融资约束交互影响R&D投资效率,并且呈倒“U”型,“U”型边界点为投融资管理成本不能高于融资成本,在边界左边三者正相关,在边界右边三者负相关。Innovation is the first driving force of economic development.GEM listed companies have strong willingness to innovate,but they are facing greater financing constraints,resulting in insufficient R&D and affecting the efficiency of R&D investment.The investment and financing data of GEM listed companies from 2015 to 2018 were studied in this paper.It is found that,more standardized investment and financing management organization and more perfect system bring less financing constraints and higher R&D investment efficiency of enterprises.On the contrary,more chaotic investment and financing management lead to more financing constraints and lower the R&D investment efficiency.From the specific data analysis,the enterprise financing constraints and R&D investment capital efficiency is negatively correlated;however,after the investment and financing management factors are added,the investment and financing management and enterprise financing constraints impact on R&D investment efficiency interactively and present an inverted"U"shape.The inverted"U"type boundary point is that the investment and financing management cost cannot be higher than the financing cost.On the left side of the boundary,the three factors are positively correlated,and on the right side of the boundary,the three are negatively correlated.

关 键 词：R&D投资效率 融资约束 投融资管理 

分 类 号：F832.51[经济管理—金融学]