科技金融结合试点对企业研发投入的影响——基于民营上市公司的实证分析  

Impact of Pilot Technology-financial Integration on Enterprise R&D Investment:Based on the Empirical Analysis of Private Listed Companies

作　　者：黄萍 方厚政[1] HUANG Ping;FANG Hou-zheng(School of Management,University of Shanghai for Science and Technology,Shanghai 200093,China)

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《科技创新发展战略研究》2022年第1期43-50,共8页Strategy for Innovation and Development of Science and Technology

基　　金：上海市哲学社会科学规划项目“政府研发资助的产业链溢出效应及政策优化研究”(2021BGL013)。

摘　　要：以2012-2019年我国民营上市公司数据为样本,运用双重差分法对第二批科技金融结合试点政策是否对企业研发投入产生显著影响进行实证研究,并进行异质性分析。研究结果表明:第二批科技金融结合试点政策对民营上市公司的研发投入具有显著的抑制效应;我国东部地区、省会城市和科教水平较高的试点城市对于企业研发投入的负向影响更加显著。Using the data of private listed companies from 2012 to 2019 as a sample,this paper empirically investigates whether the second batch of pilot policies for combining science and technology with finance has a significant impact on the R&D investment of enterprises by using differences-in-differences method and conducts heterogeneity analysis.The results of the study showthat the second batch of science and technology financial combination pilot policies have a significant inhibitory effect on the R&D investment of private listed companies,and the PSM-DID robustness test supports the above findings.The heterogeneity analysis shows that the negative effect of the pilot cities with higher level of science and education in the eastern region,provincial capitals and pilot cities with higher level of science and education on the R&D investment of enterprises is more significant.

关 键 词：科技金融 双重差分 试点政策 研发投入 

分 类 号：F830.49[经济管理—金融学] F124.3