债务融资与制造业企业研发投入——基于银行借贷与商业信用比较的视角  

Debt Financing and R&D Investment of Manufacturing Enterprises—A Comparative Perspective Based on Bank Lending and Commercial Credit

作　　者：娄岩峰 田也壮[1] LOU Yan-feng;TIAN Ye-zhuang(School of Economics and Management,Harbin Institute of Technology,Harbin 150001,China)

机构地区：[1]哈尔滨工业大学经济与管理学院,哈尔滨150001

出　　处：《哈尔滨工业大学学报（社会科学版）》2020年第5期153-160,共8页Journal of Harbin Institute of Technology(Social Sciences Edition)

摘　　要：不同的融资方式对制造业企业的研发投入产生不同的影响。通过比较银行借贷和商业信用的“融资效应”和“债务效应”差异,厘清二者影响企业研发投入的机理和边界条件,并利用中国工业企业数据进行实证检验,结果表明:银行借贷能提升企业研发投入倾向和规模,商业信用则抑制企业研发投入倾向和规模;考虑融资规模边界条件,发现银行借贷与企业研发投入规模均呈“倒U”型关系,超过临界值会抑制企业研发投入;商业信用与企业研发投入倾向和规模均呈“U”型关系,落在临界值以内是其抑制企业研发的关键原因。Different financing methods have different effects on the R&D investment of manufacturing enterprises.This paper compares the“financing effect”and“debt effect”of bank lending and commercial credit,clarifies the mechanism and boundary conditions of the two influencing enterprise R&D investment,and uses the data of Chinese industrial enterprises to conduct empirical tests.The results show that:bank lending can increase the propensity and scale of corporate R&D investment,while commercial credit inhibits the propensity and scale of corporate R&D investment;considering the boundary conditions of financing scale,it is found that bank lending and the scale of corporate R&D investment are in an“inverted U”relationship.Exceeding the threshold will inhibit enterprise R&D investment;the relationship between commercial credit and the tendency and scale of enterprise R&D investment is“U”-shaped,and falling within the critical value is the key reason why it inhibits enterprise R&D.

关 键 词：银行借贷 商业信用 制造业企业 研发投入 

分 类 号：F273.1[经济管理—企业管理]