中国制造业企业融资约束对研发投入的影响研究

The Effect of Financing Constraints on the R&D Investment of Chinese Manufacturing Enterprises

文章利用中国制造业上市公司面板数据,检验制造业企业研发活动的融资约束,并从融资结构角度分析研发投入融资约束成因。研究发现:制造业上市公司的研发投入活动普遍存在融资约束。进一步分析发现,外源融资渠道受阻是融资约束的重要成因,因此内源融资成为企业研发投入的主要资金来源。聚焦到创新活跃的高技术领域,高技术企业研发活动的融资约束相对一般企业更严重,并呈现出明显的外源融资依赖性。

Using the panel data of China's manufacturing listed companies,the effect of financing constraints on R&D investment is examined,and the causes of financing constraints are analyzed from the perspective of financing structure.The following conclusions are obtained:financing constraints are common in R&D investment activities;blocked external financing channels are the main causes of financing constraints,so internal financing has become the main source of R&D investment.Furthermore,the financing constraints of high-tech companies are more serious,and it shows obvious dependence on external financing.