金融发展、融资约束缓解与高新技术企业研发投资效率研究

Research on Financial Development,Financial Constraints and R&D Investment Efficiency of Hi-tech Enterprises

本文在构建金融发展指数及其结构指数(金融中介发展指数和股票市场发展指数)的基础上,开展金融发展对高新技术企业融资约束缓解效应和研发投资效率影响的实证检验。结果表明:我国高新技术企业普遍存在融资约束,金融发展能够缓解高新技术企业融资约束,进而促进高新技术企业研发投资效率的提高;但金融中介发展的作用显著高于股票市场发展,且金融发展对国有高新技术企业融资约束缓解作用和研发投资效率的促进作用更为显著。基于以上结论本文认为,改善我国金融约束政策环境和发展多层次资本市场有利于改善企业融资环境,实现资金的优化配置。

On the base of establishing financial development index and its structural indices,this paper empirically tests the impacts of financial development on releasing the financial constraints of hi-tech enterprises and their R＆D investment efficiency.The result shows that financial constraints exist widely in China’s hi-tech enterprises.Financial development can release the financial constraints of hi-tech enterprises,and further promote the increase of their R＆D investment efficiency.But the impacts of financial intermediary development are significantly higher than that of the stock market development.In addition,the effects of financial development on state-owned hi-tech enterprises are more significant in terms of releasing financial constraints and promoting R＆D investment efficiency.It concludes that it’s beneficial to improve the financial environment and optimize the capital allocation by improving the policy environment of financial constraints and developing multi-level capital markets.