研发投入、融资约束与企业绩效——基于战略性新兴产业A股上市公司的经验证据

R&D Investment,Financial Constrains and Enterprise Performance——Evidence from The Strategic Emerging Industries

战略性新兴产业是经济转型和产业升级的重要支撑力量,培育壮大战略性新兴产业是"十三五"乃至今后更长时期内的战略任务。基于2012—2016年战略性新兴产业A股上市公司的面板数据,从融资约束维度出发,运用信息不对称理论、资源基础理论、技术创新理论与委托代理理论,探究研发投入、融资约束与企业绩效的关系。研究表明:战略性新兴产业上市公司存在融资约束问题,融资约束对研发投入具有负向影响;研发投入具有滞后效应,对企业绩效产生了促进作用;相比低融资约束企业,研发投入对企业绩效的影响作用在高融资约束企业中更明显,旨在为管理层评价企业创新绩效、拓宽企业研发融资渠道提供新思路。

Strategic emerging industries are an important supporting force for economic restructuring and industrial upgrading.It is a major strategic task for the '13th Five-Year Plan' period to nurture and expand strategic emerging industries.This paper based on the panel data of A-share listed companies in strategic emerging industries from 2012 to 2016.And then starting from the constraints of financing constraints and uses information asymmetry theory, resource-based theory, technological innovation theory, and principal-agent theory to explore the relationship of R&D investment, financing constraints and corporate performance.Research shows that listed companies in strategic emerging industries have financing constraints and that financing constraints have a negative impact on R&D investment input;R&D investment has a lag effect and can have a catalytic effect on corporate performance;R&D investment is lower than that of companies with low financing constraints.The effect of corporate performance is more pronounced in high-financing companies.The conclusions of the study provide new ideas for management to evaluate corporate innovation performance and broaden the financing channels for corporate R&D.