商业银行金融支持、商业信用与异质性研发投资

Analysis on Financial Support、Commercial Credit and Heterogeneous R&D Investment of Commercial Banks

伴随中国经济转型及外部竞争的加剧,创新变得越来越重要。由于研发投资的高风险性和信息不对称等特征导致创新型企业普遍难以获得所需的债务资本。相比于外部间接筹资,与商品交易直接相联系的以分期付款和预付定金等形式存在的商业信用便成为低成本、高效率的融资渠道之一。基于此,通过实证检验商业银行金融支持、商业信用与异质性的研发投资之间的关系,以期寻找化解资本危机的渠道。首先证实了上市公司自身产生的现金流是研发投资的重要资本来源之一。其次,金融发展能够显著加强研发支出规模,且金融发展程度越高,企业规模的影响越小。在单独考察商业银行金融支持与商业信用对研发投资的作用后,结果表明两者均为重要的资本来源。此外,金融支持与商业信用之间存在互补关系,但商业信用对异质性研发的支持力度存在差异。

Innovation has become increasingly important in the transformation of China＇s economy and the gradual intensification of fierce external competition.Due to the high risk of RD investment and the asymmetry of information,companies are still difficult to obtain the required debt capital.Compared to external indirect financing,commercial credit has become a low-cost,high-efficiency financing channel as it is directly linked to commodity transactions and allows the two sides to installment and prepayment.On this basis,this paper tries to test the relationship between financial support,commercial credit and heterogeneous RD investment by empirical test,so as to find a channel to resolve the capital crisis.The results of this paper first confirm that cash flow generated by listed companies is one of the important capital sources of RD investment.Secondly,after controlling the cash flow,scale and RD investment tendency,financial development has significantly strengthened the scale of RD expenditure,and the higher the degree of financial development,the smaller the impact on the RD investment.In the separate relationship study of financial support and commercial credit for RD,the result shows that they both are important sources.In addition,there is a complementary relationship between financial support and commercial credit in commercial banks,but theres is a difference in the support of commercial credit for heterogeneous RD investment.