融资约束、创新投入与国际化经营企业价值研究

Research on Financing Constraints, Innovation Inputs and Values of Nationalized Enterprises

以2005-2016年我国上市国际化经营企业为研究对象,采用面板数据分析融资约束、创新投入与企业价值的关系。实证结果表明:融资约束对国际化经营企业创新投入强度影响不显著,在全样本和高融资约束组中与企业价值显著负相关;创新投入具有中介作用,能显著提升国际化经营企业价值且有迟滞性;国际化程度与创新投入正相关,在全样本组中与企业价值呈U型关系;在控制变量中,实际有效汇率、净资产收益率与国际化经营企业价值显著正相关,而企业规模则与企业价值显著负相关。研究结论对于我国企业有效参与国际市场竞争、实现可持续发展具有参考意义。

This paper analyzes the relationship of firm value with financing constraints and R&D investment from panel data in 2005-2016, which are international business enterprises listed in China. The empirical results show that the financing constraints have no significant effect on the R&D investment intensity of the internationalized enterprises, and have significant negative correlation with firm value in the whole sample and in the high financing constraint group. The R&D investment plays a mediating role, which can significantly improve the internationalized firm value and have lags to the firm value. There is a positive correlation between the degree of internationalization and the R&D investment, and the Ushaped relationship with the enterprise value in the whole sample group. Among the control variables, real effective exchange rate and the ROE are positively correlated with the value of the international business enterprises, and the firm size is negatively correlated. The conclusion has the reference value for Chinese enterprises to participate in international market competition effectively and to realize sustainable development.