货币政策、内部资本市场与R＆D融资约束--基于我国上市公司的经验证据

Monetary Policy,Internal Capital Market and R&D Financing Constraints——Based on the Empirical Evidence of Listed Companies

以2008~2015年已披露R&D支出的A股上市公司为样本,实证检验货币政策、内部资本市场与R&D融资约束之间的关系。结果发现,我国企业R&D投资存在较强的融资约束,内部资本市场能在一定程度上缓解R&D融资约束压力。货币政策趋紧时,内部资本市场对R&D融资约束的缓解作用更加明显。

Taking revealed R&D expenditure from 2008 to 2015 of A-shares listed companies as an samples, this paper studies the relationship between monetary policy, the internal capital market and R&D financing constraints. The results show that there are strict financing constraints of R&D investment for enterprises in China, and that internal capital market can alleviate the R&D financing constraints. When the external mone-tary policy becomes stricter, the effect that internal capital market alleviates R&D financing constraints is more obvious.