摘要
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.
出处
《科技进步与对策》
CSSCI
北大核心
2017年第6期81-90,共10页
Science & Technology Progress and Policy
基金
国家自然科学基金项目(71171158)
关键词
金融发展
R&D投入
企业特征
融资约束
Financial Development
R&D Investment
Firm Characteristics
Financing Constraints