融资约束、企业研发投入的周期性与平滑机制——基于企业所有制视角

Financing constraints,cyclicality and smooth mechanism of firms' R&D investment: based on the perspective of ownership

基于2006—2015年上市公司的面板数据,在Aghion et al.[1]的经验模型基础上引入企业所有制变量,并采用SA指数衡量企业研发投入的外部融资约束程度,检验了融资约束条件下企业所有制对其研发投入周期性的平滑机制。实证结果表明,存在融资约束时研发投入的逆周期性减弱,融资约束程度越严重,其顺周期性越强;进一步得出中国上市公司研发投入的以下特征事实:(1)在经济高涨时期,研发投入有更强的融资约束效应,但由于有机会利用股权融资等其他非债务融资渠道,此时研发投入的顺周期性也更强;(2)国有产权属性对研发投入的融资约束效应和顺周期性都有平滑作用,且只对顺周期性有显著的不对称平滑作用,即对经济高涨时期顺周期性的平滑作用更显著。同时,这种不对称的平滑作用对宏观经济波动的顺周期反应更为明显。

This paper introduces corporate ownership variable based on the empirical model of Aghion,and employs the SA index to measure the degree of external financing constraints on RD investment,to analyze the smooth mechanism of the effect of ownership on the cyclicality of firms＇ RD investment under financing constraints,using the panel dataset of Chinese listed firms during 2006—2015. The empirical results show that,the counter-cyclicality of RD investment is weakened under financing constraints,and the more serious the financial constraints,the more pro-cyclical the RD investment.Further,we find that the characteristics of the RD investment of listed companies in China are as follows：（ 1） the effect of financing constraints on RD investment is stronger during the economic boom. However,the pro-cyclicality of RD investment is also stronger due to more access to other non-debt financing channels such as equity financing;（ 2） The state ownership has a smoothing effect on the financing constraints and pro-cyclicality of RD investment,and only has a significant asymmetric smoothing effect on pro-cyclicality,i. e.,the smoothing effect on cyclicality is more significant during the economic boom. At the same time,the pro-cyclical reaction of the asymmetrical smoothing effect on macroeconomic fluctuation is more obvious.