基于技术距离的企业融资渠道对R&D投资异质性影响

The Impact of Financing Channels on R&D Investment in the Perspective of Technology Distance

在技术创新不同阶段,企业在R&D投资活动中的融资行为呈现不同的偏好。本文以2010-2018年江苏省A股制造业上市公司为例,通过引入技术距离这一视角,分析不同技术距离下企业的三种融资渠道对R&D投资的影响。研究发现:不同技术距离下,企业开展R&D活动的风险存在差异,表现出融资方式的倾向性各不相同,从而不同融资渠道对R&D投入的影响不一。具体表现为:在前沿型技术距离下企业的股权融资对于R&D投入的正向影响最为强烈;但随着远离技术距离前沿,企业的R&D投入受到债权融资的影响最为明显;而技术远离前沿型的企业主要是依靠内源融资来推动企业的R&D投入。本文的研究有助于明晰企业创新发展中的融资困境,提出强化多元融资模式,优化资源配置,助力实体经济发展。

At different stages of technological innovation,the financing behavior of enterprises in R&D investment activities presents different preferences.Using the data of Chinese A-share manufacturing listed companies in Jiangsu province between 2010 and 2018,this paper analyzes the impact of three financing channels on R&D investment by introducing the perspective of technology distance.The research found that under different technology distance,these firms have differences in the risks of R&D activities and willingness to finance,which causes different effects of various financing channels on R&D investment.Specifically,equity financing has the significant positive effect on R&D investment under the frontier technology distance,the impact of debt financing is the most obvious with the distance away from technology,and enterprises far away from technology mainly rely on internal financing to promoting R&D investment.The research is helpful to solve the financing dilemma in the transformation and upgrading of manufacturing enterprises,and it also has a strong practical significance for optimizing resource allocation and the development of the real economy.