新三板分层制度、融资约束与企业研发投入  

The New Third Board Layering System,Financing Constraints and Corporate R&D Investment

作　　者：李延军[1] 徐慢 Li Yanjun;Xu Man(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China)

机构地区：[1]河北工业大学经济管理学院,天津300401

出　　处：《金融发展研究》2023年第4期67-75,共9页Journal Of Financial Development Research

基　　金：国家社会科学基金项目“我国证券流动性风险的影响因素与预警机制研究”(19BGL054)。

摘　　要：基于2014—2021年新三板中小企业的面板数据实证考察分层制度对研发投入的影响,从微观角度分析融资约束在其中发挥的作用机制,并进一步分视角探讨分层制度对不同类型企业研发投入存在的异质性影响。结果表明:新三板分层制度显著促进中小企业研发投入提升,融资约束在分层制度对研发投入的影响中发挥中介作用;异质性研究表明,分层制度对研发投入的促进作用在民营企业、东部地区企业以及高科技企业中更加显著,且融资约束发挥中介传导作用;进一步研究表明,融资约束对研发投入的抑制作用存在分段现象。文章研究成果对于加快推进新三板改革进程、改善中小企业融资环境、提升中小企业的研发能力有一定参考价值。Based on panel data empirically examining the impact of the stratification system on R&D investment based on SMEs in the New Third Board from 2014-2021,we analyze the mechanism of the role played by financing constraints from a micro perspective and further explore the heterogeneous impact of the stratification system on the existence of R&D investment of different types of enterprises by perspective.The results show that the NSS tiered system significantly contributes to the improvement of R&D investment of SMEs,and financing constraints play a mediating role in the effect of the tiered system on R&D investment;heterogeneity studies show that the promotion effect of the tiered system on R&D investment is more significant among private firms,firms in the eastern region,and high-tech firms,and that financing constraints play a mediating role in transmission;further research shows that there is a segmentation phenomenon of the inhibitory effect of financing constraints on R&D investment.The research results of the article have some reference value for speeding up the reform process of the New Third Board,improving the financing environment of SMEs,and enhancing the R&D capability of SMEs.

关 键 词：分层制度 研发投入 融资约束 中介效应 双重差分 

分 类 号：F832.5[经济管理—金融学]