新三板企业R&D投资、融资行为与运营绩效

NEEQ Enterprises’ R&D Investment,Financing Behavior and Performance

本文利用中国新三板企业2011-2015年的面板数据，检验新三板企业的R＆D使用效率，并分析了影响R＆D投入强度的重要因素。研究表明，新三板企业R＆D投入的经济效率值得肯定，但无论是增发融资抑或是质押融资都没有起到对R＆D的支持效果，反而对其形成了明显的抑制作用。主要的原因在于，新三板企业的融资行为为企业的盲目扩张提供了契机，从而挤出了企业的R＆D投资。进一步的研究发现，制度环境的优化改善，能够合理引导企业融资行为对企业R＆D投资进行支持，并最终提高企业的运营绩效。

T to test the R his paper uses the panel data of China s NEEQ enterprise from 2011 to 2015 D efficiency of the NEEQ enterprise, and analyzes the important factors influencing the R ＆ D input intensity, The study shows that the economic efficiency of R ＆ D investment in the NEEQ enterprises is worthy of recognition, but neither the issuance financing nor the pledge financing does not play a supportive effect on R ＆ D, but it has obviously inhibited it. The main reason is that the NEEQ enterprise financing behavior for the blind expansion of the enterprise provides an opportunity to squeeze out the R ＆ D investment, Further research found that the optimization of the institutional environment to improve, to rationally guide corporate financing behavior to support corporate R ＆ D investment, and ultimately improve the operational performance of enterprises.