信息渠道还是风险渠道?——不同资金来源视角下研发投资的融资约束分析

Information Channels or Risk Channels?——Analysis of Financing Constraints of R&D Investment from Different Sources of Funds

本文将企业的资金来源分为外部融资和内部资金融资,利用2007~2014年中国上市公司的研发投资数据,研究发现:研发投资主要依赖内部融资,外部资金的融资约束来自企业与外部投资者的信息不对称,新闻媒体报道可以通过降低企业的信息不对称程度、减少研发投资对内部资金的依赖;外部资金对研发投资的支持作用主要来自股权融资,负债融资不仅不能提供资金支持,反而会抑制企业的研发活动,造成债务资金融资约束的原因主要来自负债的收益与研发投资的高风险不匹配。同时,由于非国有企业的风险比民营企业更高,负债资金的融资约束主要集中在高风险的非国有企业中。

With the data of listed companies in Chinese stock market from 2007~2014,we divide R&D investment into external financing and internal financing.The finding is as follows:R& D investment depends mainly on internal financing,and information asymmetry is the main source of external financial constraints.Media coverage can reduce the financial constraints of R&D investment by decrease information asymmetry between the company and capital market;The support of external financing is from equity financing,whereas debt financing will depress the intensity of R& D investment.The reason of debt constraint is that the return of debt is asymmetry to high risk of R&D investment.At the same time,because of the higher risk of private enterprises than state-owned enterprises,the constraints of debt on R&D investment is mainly in private enterprises.