高新技术企业融资约束与R&D投资效率关系研究

A Study on the Relationship between Financial Constraints and R&D Investment Efficiency of Hi-tech Enterprises

笔者以Logistic模型构建高新技术企业融资约束指数,并采用数据包络分析法测度高新技术企业R&D投资效率,在此基础上,理论分析并实证检验了高新技术企业融资约束与R&D投资效率的关系。实证结果显示高、低融资约束组的R&D投资效率均值分别为0.5121和0.3870,具有显著的差异,并且企业面临融资约束程度的上升会显著促进R&D投资效率的提高,该结果表明融资约束的客观存在会在一定程度上减轻企业代理问题的负面影响。

This paper works out the financial constraints index of hi tech enterprises by logistic model and measures their R&D investment efficiency. On this basis, the author theoretically analyzes and empirically tests the correlations between the financial constraints of hi tech companies and their R&D investment efficiency. The result shows that on the one hand, the R&D investment efficiencies of high financial constraints and low financial constraints are significantly different, which is average at 0.5121 and 0.3870 respectively. On the other hand, the regression test shows that the increase of financial constraints will positively increase the R&D investment efficiency, which means the existence of financial constraints, to some extent, will reduce the negative effects of principal-agent problems.