融资约束及不确定性对非上市制造业R&D投资效率的影响——基于异质性随机前沿函数的实证研究

Impact of Financial Constraints and Uncertainty on the Unlisted Manufacturing R&D Investment Efficiency:An Empirical Study on Heterogeneous Stochastic Frontier Function

R&D投资效率问题是学界普遍关心的话题,但对融资约束及其后续不确定性如何影响R&D投资效率关注不足。以异质性随机前沿函数为基础,实施研究发现,由于受融资约束的影响,中国非上市规模以上制造业平均投资效率为59%左右,比最优效率低了40%左右;制造业R&D投资主要来源于内源融资,外源融资中的银行贷款不是主要融资渠道;内源融资中的自有现金流虽可以缓解融资约束,但会增加不确定性;银行贷款不能缓解融资约束但可以降低不确定性;商誉融资既可以降低融资约束,又不会增加不确定性;小规模公司和西部地区受到的融资约束更严重。需要进一步的金融发展与改革,提高企业盈利能力,增加内部现金流以解决企业R&D投资中的融资约束问题。

R＆D investment efficiency is a topic of common concern in academic articles, but how the fi- nancing constraint and its subsequent uncertainty affect the R＆D investment efficiency is not cared insufficient- ly. Based on the Heterogeneous Stochastic Frontier Function. The results show that, for the financial con- straints, the average R＆D investment efficiency of Chinese unlisted above-scale manufacturing industry is about 59%, lower than 40% of the optimal efficiency. R＆D investment of Chinese manufacturing mainly de- rives from the endogenous financing, and the sourcing financing such as band loan is not the main financing channel. The private cash flow of the endogenous financing can relieve the financing constraint, but also in- crease the uncertainty of the subsequent financing. Although the bank loan of the sourcing financing cannot re- lieve financing constraints, but it can decrease the uncertainty. The goodwill financing can decrease financing constraint, but does not increase the uncertainty. Financing constraints in small firms and the west region is more serious. Some measures should be taken to promote further financing development and reform so as to in- crease the enterprise profitability and its cash flow, resolve the financing constraints problem in manufacturing R＆D investment.