企业投资机会、融资约束与研发创新——来自中国中小板上市公司的经验证据

Investment Opportunities,Financing Constraints and R&D Innovation of Enterprises——Empirical Evidence from China's Small and Medium Sized Listed Companies

构建一个包含投资机会和融资约束的企业研发创新模型,使用CSMAR国泰安中小板上市公司数据,研究企业投资机会这一指标对创新研发的影响,并重点研究融资约束在其中的调节作用以及在家族企业中的作用。研究结果表明,中小企业投资机会对研发创新具有正向影响,中小企业面临显著融资约束,且融资约束在企业投资机会与研发创新之间具有负向调节作用,异质性分析表明,家族企业中这种负向调节作用并不明显。

Investment opportunities can determine the investment ability of enterprises,and even influence the results of macroeconomic policies.Financing constraints are the hot issues of current research.R&D innovation of enterprises is subject to investment opportunities and financing constraints.In this paper,we use the data of CSMAR small and medium sized listed companies to study the impact of investment opportunities on innovation and R&D,and focus on how financing constraints play a regulatory role in it,as well as the similarities and differences of the above roles in family enterprises.The results show that the investment opportunities of small and medium sized enterprises have a positive impact on R&D innovation;small and medium sized enterprises face significant financing constraints,and the financing constraints have a negative regulatory role between the investment opportunities of enterprises and R&D innovation.Heterogeneity analysis shows that this negative regulatory role is not obvious in family enterprises.