金融发展、企业特征与研发融资约束——来自中国股市的经验证据

Financial Development,Firm Characteristics and R&D Financing Constraints——Empirical Evidence from Chinese Stock Market

基于2008-2014年沪深A股主板和中小企业板上市公司数据,实证研究金融发展能否缓解企业R&D融资约束、促进企业R&D投入,并进一步考察这种作用在规模、区域、所有权、行业等4种因素影响下的差异性。研究发现:金融发展能够显著缓解企业面临的R&D融资约束,并且这种缓解作用对小规模企业和民营企业更加明显;金融发展水平较高的东部地区能够在更大程度上促进企业研发投入,而中西部地区则未能有效刺激企业R&D支出;与高科技行业相比,非高科技行业能够从金融发展中获利更多,其R&D投入水平得到显著提高。

Based on the data of China＇s companies listed on Shanghai and Shenzhen A-share main board and the small and medium-sized enterprise board from 2008 to 20l4？ this paper conducts an empirical study of financial development whether to ease enterprises R＆-D financing constraints to promote enterprise R＆D investment. To be more important, taking into account size, region, ownership, industry to investigates the differences under the influence of the four factors. The re-sults show that： Financial development can significantly ease the R＆D financing co nstrain ts faced by enterprises , and thismitigation effect on small scale enterprises and private enterprises is more obvious; Hig her level of financial development in the eastern region to a greater extent to promote enterprises R＆D investment, while the central and western regions have failed to effectively stimulate the R＆D expenditure; Compared with the high-tech in d u s try , non high-tech indu stry can benefit more from financial development？ and the intensity of its investment in R＆D is significantly increased.