中国上市企业融资渠道与研发投入关系研究

The Research on the Relationship between Financing Channels and R&D Investment of Chinese Listed Enterprises

企业研发投入作为技术进步的原始动力,对一国经济发展有重要的影响.本文借助2010-2016年中国上市企业披露的数据,对企业融资约束与研发投入之间的影响,以及企业研发投入资金的融资渠道进行研究.结果表明：上市民营企业与上市国有企业研发资金的融资渠道主要区别在于外部融资的不同,上市民营企业研发资金的外部融资渠道主要为商业信用和股权融资;上市国有企业研发资金的外部融资渠道主要为银行贷款和股权融资.相比于上市国有企业,上市民营企业存在严重的融资约束,并对自身研发投入产生明显抑制作用。

As the primary driving force of technological progress, enterprise R＆.D investment plays an important role in a country ＇s economic development. Based on the data disclosed by Chinese listed enterprises from 2010 to 2016 , this pa-per studies the influence between financing constraints and R＆D investment,as well as the financing channels for enterprise R＆D investment. Results show that the main difference between the listed private enterprises and the listed state-owned enterprises research and development financing channels is external financ-ing. External financing channels for R＆uD funds of listed private enterprises are commercial credit and equity financing,while external financing channels for R＆JD funds of listed state-owned enterprises are bank loans and equity financing. Com-pared with listed state-owned enterprises,listed private enterprises have serious financing constraints 9 and it has a significant inhibiting effect on enterprise R＆D in-vestment.