融资约束与企业研发投资——来自中国工业企业的微观证据

Financial Constraints and Firm's R&D Investment:Evidence from Chinese Industrial Firms

基于微观企业层面的数据,本文检验了融资约束对企业研发投资支出的影响。研究结果发现,企业融资能力对企业的研发投资支出具有显著正向作用,企业融资能力增加1%,企业的研发投资支出将增加0.34%。融资约束对企业研发投资支出的作用程度具有个体差异性,并且受到企业所在地区金融发展水平的影响。伴随企业规模的扩大,融资能力对于企业研发投资支出的促进作用随之增大。分样本的研究发现,相对于大规模企业,中小规模企业的研发投资支出对于融资能力的变化较不敏感,且其从地方金融市场获得支持的力度相对较小。私营企业相对于国有企业在创新和研发方面更具有积极性,一旦获得融资,其投资于研发支出的比例更大,然而私营企业获得的地方金融支持却低于国有企业。最后,基于地方金融发展水平与融资能力交叉项的回归分析表明,地区金融发展水平的提高降低了企业研发支出对于信贷融资能力的依赖性。

Based on firms＇ micro data, we examine the impact of financial constraints on firm＇s R＆D investment expenditure. The study finds that firm＇s financing capacity has significant positive effect on the R＆D investment, and the R＆D investment expenditure will increase by 0. 34% when financing capacity increased by 1%. The degree of this positive effect can be influenced by the individual characteristics and the level of regional financial development. This positive effect will increase with the expansion of firm＇s scale. Studies on the sub-sample find that, compared with the large-scale firms, the expenditures of R＆D investment of the small and medium-sized firms are less sensitive to the change of financial capacity, and obtained less support from regional financial market. Compared with the state-owned firms, private ones have more enthusiasm on innovation and R＆D. Once they obtained more financing, they would invest more proportion to the R＆D expenditures. However, private firms obtained less regional financing support than the state-owned ones. The estimation result which based on the interaction term of financial development and financing capacity finds that the improvement of the level of regional financial development reduces the dependence of R ＆ D investment on credit financing capacity.