内外融资对企业不同阶段创新投资的异质性效应——基于中国制造业上市公司的数据

Research on the Heterogeneous Effects of Internal and External Financing on the Innovation Investment of Enterprises at Different Stages——Evidence from the Listed Manufacturing Companies in China

根据创新价值链理论,将企业创新活动分为研究阶段(R)与开发阶段(D),探究内外源融资方式对企业不同创新阶段投资的异质性效应,为企业选择创新活动的融资渠道和政府设计精准支持企业创新政策提供参考。基于中国制造业上市公司数据实证研究发现:内源融资对企业研究投资有显著促进效应,对开发投资未产生显著促进作用;债权融资对研究投资和开发投资的作用均不显著;股权融资对研究投资的影响不显著,但对开发投资具有显著影响。内源融资对债权融资与研究投资、债权融资与开发投资的关系不具有调节效应;内源融资对股权融资与研究投资关系具有正向显著调节效应,对股权融资与开发投资的关系具有正向调整作用但不显著。

According to the innovation value chain theory,innovation activities of enterprises can be divided into research stage(R)and development stage(D).This paper studies the heterogeneous effects of internal and external financing modes on the research and development investment of enterprises.Based on the data of listed companies of China s manufacturing industry,the empirical study shows:internal financing plays a significant role in research investment,but has no significant effect on the development investment;debt financing plays no significant role in either research investment or development investment;the impact of equity financing on research investment is not significant,but has significant impact on development investment.Internal financing does not positively regulate the relationship between debt financing and research investment,debt financing and development investment;internal financing positively regulate the relationship between equity financing and research investment and the effect is significant,but the positive regulation between equity financing and development investment is not significant.