金融化有助于企业研发投入吗——来自上市高新技术中小企业的经验证据

Does Financialization Promote the R&D Investment——Empirical Evidence from Listed Hi-tech SMEs

基于我国“脱实向虚”的经济现状,以我国深圳证券交易所中小企业板上市的高新技术企业为样本,研究企业金融化对研发投入的影响。结果发现:高新技术中小企业金融化程度越高,研发投入越多;相比于国有产权、金融发展水平较高地区,民营产权、金融发展水平较低地区的高新技术中小企业金融化更加有助于其研发投入;金融化对高新技术中小企业研究阶段支出有促进作用,而对开发阶段支出有挤占效应。

Now virtual economy is tending to overweigh real economy in China. Under such economic situation, this paper takes high-tech enterprises listed on the SME board in Shenzhen Stock Exchange of China as samples, and studies the impact of corporate financialization on R&D Investment. The author finds that corporate financialization improves hi-tech SMEs' R&D investment significantly. Corporate financialization has more positive impact on R&D investment in private hi-tech SMEs and firms located in areas with less financial development than state owned enterprises and firms located in areas with higher financial development level. Corporate financialization has a positive effect on spending in research stage but a crowd-out effect in development stage.