金融发展、权益资本跨国流入与创新投资

Financial Development,Equity Capital Inflows Across Country and R&D Investment

研究了国内金融市场发展以及国际金融市场发展对研发投资的影响。首先通过理论模型认为,国内融资约束导致本国研发投资水平下降,而国际权益资本的流入可以缓解本国融资水平的不足。其次通过构建二步系统动态面板模型认为,与国内信贷市场相比,国内股权市场的发展以及国际权益资本的流入对研发投资存在显著正向影响,表明研发活动倾向于权益融资;经济体的实物资产特性与金融发展的相互作用项对研发投资产生负向影响,表明实物资产可以影响研发融资。最后结合研究给出了相应的建议。

Studied the effects of the development of domestic financial markets and international financial markets on R＆D investment. First from constructing theoretical model, we conclude that domestic financial constraints cause the decreasing in the level of R＆D investment, but the inflow of international equity may mitigate the lack of domestic financing. Then from the empirical research of two-step GMM dynamic panel, we conclude that, com- pared to domestic credit market, both the development of domestic equity market and the inflow of international equity have positive effects on R＆D investment, indicating the R＆D investment is inclined to equity financing; the interaction term between tangibility characteristic in economy and financial development has a negative effect on R＆D investment, indicating the tangibility asset can influence R＆D financing. At last, we put forward the ad- vice correspondingly.