影子银行、融资约束与企业研发投入

Shadow Banking,Financing Constraints and Corporate R&D Investment

以2010—2014年A股上市公司为样本,分析企业参与影子银行活动对研发投入的影响,以及影子银行和不同企业规模对企业面临融资约束与研发投入之间关系的调节效应。研究表明,企业参与影子银行与研发投入呈正相关关系,相对于非国有企业,参与影子银行对国有企业研发投入提升更高。在大企业中,参与影子银行会缓解企业融资约束对研发投入的抑制作用,但并不显著;而在中小企业中,影子银行反而会显著加剧融资约束对企业研发投入的抑制作用。

We use the 2010-2014 listed companies as sample to analyze the influence of enterprises＇ activities in shadow banking on its R＆D investment,and the moderating effect on the relationship of financing constraints and investment in R＆D due to shadow banks and enterprises of different size. Research shows that the enterprises＇ involvement in shadow banking is positively related with its investment in R＆D. Compared with the non-state- owned enterprises, the state-owned enterprises involved in shadow banking tend to have a higher increase in R＆D investment; Large enterprises＇ involvement in shadow banking will ease the financing constraints on the inhibition of R＆D investment but not significantly. For small and medium sized enterprises, involvement in shadow banking will significantly increase the financing constraints on corporate R＆D investment inhibition.