外源资金主体功能错位与企业R&D投资结构失衡

Function Dislocation of External Financial Sources and Imbalance of Enterprises' R&D Investment Structure

中国企业的R&D投资结构失衡、研究型投资严重不足是企业缺乏原始创新和创造性毁灭与产业结构升级缺乏核心技术支撑的根本原因,其源于外源资金主体对企业R&D资金配置的功能错位.本文使用2007—2015年中国制造业上市企业的面板数据,基于理论分析和实证检验发现:在企业R&D资金配置过程中,由于金融体系功能发展不完善,甄别市场风险有相对优势的金融部门资金并未显著促进试验开发型投资;政府研发补贴显著促进了试验开发型投资,但并未显著促进研究型投资,这与政府矫正市场失灵的优势功能错位.上述两个方面对企业在两阶段研发活动的资金配置上产生了一定的结构效应,由此引起企业R&D投资结构失衡.

The imbalance of China＇s enterprises＇ R＆D investment structure and the serious underinvestment in research activity are the main causes of enterprises＇ lack of original innovation, creative destruction, and core technology sup- porting the upgrading of industrial structure. It roots in the function dislocation of external financial sources in allocating enterprises＇ R＆D funds. By using the panel data of Chinese manufacturing listed companies from 2007 to 2015 and based on the theoretical analysis and empirical tests, it finds that ： as the function of China＇s financial system is underdeveloped, the financial capital which is good at indentifying market risk doesn＇t promote experimental development investment; gov- ernment subsidies promote experimental development investment but have little effect on research investment in the process of R＆D capital allocation, which results in the function dislocation of government subsidies from its advantage function in correcting market failure. Both sides lead to the structure effect on the capital allocation between research in- vestment and experimental development investment, and the imbalance of enterprises＇ R＆D investment structure.