货币政策、商业信用与研发投入——基于产权性质差异的实证研究

Monetary Policy,Trade Credit and R&D Investment: An Empirical Study based on Property Right Nature Difference

基于中国信贷市场的制度背景和商业信用的融资功能,本文实证检验上市公司获得的商业信用对其研发投入的影响,并从产权性质和货币政策方面研究其影响差异。实证结果表明:上市公司获得的商业信用与其研发投入之间存在显著正相关,这种显著相关性不因产权性质和货币政策变化而改变;与国有上市公司相比,商业信用对研发投入的正向促进作用对民营上市公司更大;与货币宽松期相比,在货币紧缩时期,商业信用对其研发投入的影响在民营上市公司和国有上市公司中差异显著;在货币紧缩时期,商业信用对民营上市公司研发投入的影响最大。上述研究结论对转型经济中企业技术创新,尤其是民营经济主体发展,实施创新驱动发展战略具有重要的意义。

This paper empirically tests the effect of trade credit on RD investment of the listed companies and different effects form the property right nature and money policy two aspects based on the institutional background of Chinese credit market and the financing function of trade credit. This empirical study finds that： there is a significant positive correlation between trade credit and RD investment,which does not change with the different property right nature and money policies; the effect of trade credit on RD investment in private listed companies is more significant than that in state-owned listed companies; compared with the monetary easing period,the effect of trade credit on RD investment has significant difference between the private listed companies and the state-owned listed companies in the monetary tightening period;trade credit has the biggest impact on RD investment in the private listed companies in the monetary tightening period.The above conclusions have great significance to the technological innovation of enterprises in the transitional economy,especially to the development of the private economy.