融资约束与企业研发投资——基于企业层面数据的实证研究

Financing Constraints and Corporate R&D Investment——The Empirical Study Based on Firm Level Data

利用企业层面数据实证研究了融资约束对企业研发投资的影响,结果表明:内源和外源融资约束均是影响企业研发投资的重要因素,但是企业研发投资对内源和外源融资的依赖程度因所有制类型不同存在显著差异。内源融资约束显著影响了民营企业研发投资,但是对国有企业和外资企业研发投资影响不显著。外源融资约束显著影响了所有类型企业的研发投资,且对国有企业和外资企业的影响程度大于民营企业。

Using the firm level data,this paper empirically tests the impact of financing constraints on corporate RD investment. The result shows that internal financing and external financing are both important factors that affect corporate RD investment,but the impacts of internal financing and external financing on corporate RD investment vary distinctly with the firms＇ ownership types. For private firms,the impact of internal financing on corporate RD investment is significant,but it is not significant for state firms or foreign firms. The external financing affects the RD investment in all types of firms,in addition state firms and foreign firms depend more on external financing than private firms.