摘要
以2012—2016年深沪证券交易所上市的374家高新技术企业为研究样本,运用数据包络分析(DEA)模型从行业类型及产权性质两个视角对企业融资效率进行对比,在此基础上通过Tobit模型实证分析高新技术企业融资效率对研发投入的影响。研究结果表明:样本高新技术企业融资效率整体偏低,并且在不同维度间存在差异;企业融资效率与研发投入呈显著正相关关系,其中非国有企业相比国有企业的促进作用更为明显;企业融资效率对研发投入的影响存在滞后性,滞后两期效果更好。
Taking 374 high-tech enterprises listed on the Shenzhen and Shanghai Stock Exchange in 2012-2016 as the research sample, this paper compares the financing efficiency of the enterprises from two perspectives of industry type and property right by using the data envelopment analysis(DEA) model. On the basis of this, Tobit model is used to empirically analyze the effect of financing efficiency of high-tech enterprises on R&D investment. The results show that: the overall financing efficiency of the sample high-tech enterprises is low, and there are differences between different dimensions;there is a significant positive correlation between corporate financing efficiency and R&D investment, in which non-state-owned enterprises have a more obvious role in promoting R&D investment than state-owned enterprises, and the impact of enterprise financing efficiency on R&D investment is lagging behind, and the lag effect of two periods is better.
作者
姚梦琪
许敏
Yao Mengqi;Xu Min(School of Economic Management,Nanjing Tech University,Nanjing 211800,China)
出处
《科技管理研究》
CSSCI
北大核心
2019年第1期129-136,共8页
Science and Technology Management Research
关键词
高新技术企业
融资效率
研发投入
产权性质
DEA
模型
high-tech enterprises
financing efficiency
R&D investment
property rights
DEA model