金融发展、融资约束与企业研发投入

Financial Development,Financing Constrains and Firms' R&D Investment

企业研发(R&D)投入是需要大量的资金长期持续性的投入,外部融资资源获取则是影响企业进行研发投入的关键因素。地区金融市场的发展能否扩大企业的融资资源获取渠道、增加企业的研发投入资金来源、解决企业研发投入的资金问题以推动企业研发投入是一个亟需研究的问题。本文以中国上市公司2002～2006年数据为样本,实证考察了地区金融发展对企业R&D投入的影响。研究发现,银行业市场化改革的推进、地区金融发展积极地推动我国上市公司的R&D投入。并且,金融发展水平对企业R&D投入的这种正向影响对小规模企业和私有产权控制的企业更为明显。进一步的研究还发现,政府干预弱化了金融发展对企业R&D投入的积极影响。本文为理解转轨经济背景下的中国企业R&D投入的影响因素提供了一个新的重要视角,也为理解金融发展与经济增长之间关系的微观机理提供了新的经验证据。

The financing resource for firms＇ R＆D investment is a key factor affecting the success of Firms＇ R＆D Investment. Whether local financial development affects the＇available financing resource of firms＇ R＆D investment and boosts firms＇ R＆D investment is a much-needed research issue. In this paper we investigate the effect of local financial development on the firms＇ R＆D investment, using a rich data set of a large number of Chinese listed firms over the 2002 - 2006. There is evidence that regional financial development has a significant and positive effect on the firms＇ R＆D investment, particularly for small and private controlled firms. There is also some evidence that the positive effect of financial development on the firms＇ R＆D investment is hampered by local government intervention in financial system.