融资约束对R&D投资周期特征影响的机理研究

Effects of financial constraints on the cyclicality of R&D investment under

在Aghion企业投资结构周期性模型的基础上,考虑了现金持有对融资约束存在时R&D投资周期特征的影响,分析了融资约束和现金持有对企业R&D投资周期特征的影响机理,并用2005-2014年世界97个国家和地区17022个企业的面板数据进行实证检验得到:(1)不考虑融资约束时,中国和发展中国家企业R&D投资的周期特征不显著,发达国家企业R&D投资呈现逆周期特征。(2)考虑到融资约束,无论中国、发展中国家还是发达国家企业,R&D投资均逆经济周期,但高融资约束只会使中国和发展中国家企业的R&D投资变为顺周期,且高现金持有对R&D投资的周期特征影响不显著,而发达国家企业的高现金持有确保了R&D投资的逆周期特征。(3)中国和发展中国家企业的R&D投资仅在繁荣期存在逆周期性,低迷期由于过高的流动性风险停止R&D投资,从而R&D投资无显著周期性且高融资约束不会在低迷期显著影响R&D投资,而发达国家企业R&D投资在繁荣期和低迷期均具有逆周期性;高现金持有在低迷期对中国、发展中国家和发达国家企业的R&D投资均无显著影响,将在一定程度上影响全球资金配置效率与全要素生产率提高,应引起高度重视。

Extending enterprises’ cyclic structure of investment built by Aghion, we analyze the cyclicality of R&D investment of enterprises in countries of different types, using panel data of 17022 enterprises in 97 countries and regions in the world during 2005-2014. The following conclusions are drawn. Firstly, not considering financial constraints, enterprises’ R&D investment of Chinese and developing countries is acyclic, while R&D investment of developed countries is counter-cyclical. Secondly, considering financial constraints, enterprises’ R&D investment of Chinese and of both developed and developing countries is counter-cyclical. The high financing constraints only turn R&D investment of Chinese and developing countries’ enterprises into pro-cyclical, and the high cash holding has no significant impact on the cyclicality of R&D investment of Chinese and developing countries’ enterprises. However, the high cash holding ensures counter-cyclical R&D investment in developed countries. Finally, R&D investment of Chinese and developing countries’ enterprises is counter-cyclical only during boom and acyclic during downturn because excessive liquidity stops R&D investment. R&D investment of developed countries is counter-cyclical during boom and downturn. The high financing constraints mainly increase R&D investment of Chinese enterprises during boom. High cash holdings don’t affect Chinese, developing and developed enterprises' R&D investment during downturn.