融资约束下研发投入对企业绩效的影响——来自创业板上市公司数据

Impact of R&D Investment on Firm Performance under Financing Constraints:from The GEM Listed Companies Data

创新是企业拥有核心竞争力以及永葆生命力的重要保障。以2012-2016年我国创业板上市企业为研究样本,探讨研发投入是否对企业绩效产生影响,随后进行分组回归分析,研究处于不同融资约束程度下的企业,研发投入对其绩效影响的强弱。结果显示:我国创业板企业,研发投入对企业绩效的影响呈显著正相关性,并且这种影响滞后两年表现的最为明显;同时,当样本企业面临不同程度的融资困难时,即融资约束越高,其研发投入对绩效的促进作用越明显;相反,融资约束越低,研发投入对企业绩效没有明显的促进作用。

Innovation is an important guarantee for enterprises to possess core competitiveness and to maintain their vitality.Based on the sample of China's GEM listed companies from 2012 to 2016,this paper explores whether R&D investment has an impact on firm performance,and then conducts group regression analysis to study the impact of R&D investment on the performance of firms under different levels of financing constraints.The results show that there is a significant positive correlation between the impact of R&D investment on enterprise performance and the impact of R&D investment on business performance in China in the past two years Meanwhile,when the sample enterprises are facing different levels of financing difficulties,that is,the higher the financing constraints,the more obvious the promotion effect of R&D investment on performance.On the contrary,the lower the financing constraints,R&D investment does not significantly promote the performance of enterprises.