融资约束、现金持有动机与企业研发投资结构失衡——基于倾向得分匹配方法的上市公司数据测度

Financing Constraints, the Motivation of Cash Holdings and the Imbalance of Enterprises’ R&D Investment Structure——Based on the Measurement of the Listed Company Data by the Propensity Score Matching Method

通过对中国制造业上市公司研发投资的阶段划分,利用倾向得分匹配方法(PSM),在考虑内、外源融资约束情况下,分别测度了企业研究阶段(基础与应用研究)与开发阶段投资的现金流敏感性。研究表明:第一,企业具有为研发投资储备现金的动机,融资约束程度越高的企业,企业现金流对其研发投资的平滑作用越明显;第二,企业现金流对开发阶段投资的平滑作用比对研究阶段投资的平滑作用更明显;第三,财政资金和金融资金均可以在一定程度上缓解企业研发投资对现金的需求,但由于中国金融部门在企业开发阶段这一具有相对资金配置优势(较财政部门)的领域功能缺失,财政资金不得不在该阶段替代金融发挥资金配置作用。

We divide R&D investment into two kinds: research investment(R,including basic and applied research) and experimental development investment(D), and measure the cash flow sensitivity of each of them by using the propensity score matching method. On considering the limitation of the internal and external capital, we find that the enterprises have the motivation to preserve cash for R&D investment. The higher the degree of the enterprise’s financing constraint, the more obviously the enterprise’s cash flow smoothes its R&D investment. Also, the smoothing effect of the enterprises’ cash flow on the experimental development investment(D) is more obvious than that on the research investment(R). Moreover, the public subsidy and financial capital can both ease the demand of the enterprises’ R&D investment for the cash flow, but the financial capital cannot function well in the D investment and the public subsidy has to undertake the role in this stage.