研发融资约束、融资结构偏向性与制造业企业创新

Financing Constraints,Financing Structure Bias and Innovation of Manufacturing Enterprises

本文运用2008-2018年中国制造业上市公司数据,探讨了融资结构偏向差异能否通过缓解企业创新研发投资融资约束以促进创新投资问题。结果表明,现阶段制造业企业的研发投资仍主要依赖于内部现金流,民营企业和新兴制造业企业面临的外部融资约束显著高于国有企业和传统制造业企业。直接融资比例上升可以显著缓解民营企业和新兴制造业企业的融资约束并提高其研发投资及效率,而国有企业和传统制造业企业对此并不敏感。融资结构向直接融资方式转换存在最优融资结构边界,当直接融资比例超过一定门槛值时,继续增加反而会抑制企业创新投资。

Based on the data of Chinese manufacturing enterprises from 2008 to 2018,this paper discusses whether the difference of financing structure preferences can promote innovation investment by relieving the financing constraints.The results show that the R&D investment of Chinese manufacturing enterprises is still mainly depended on internal cash flow,and the private corporates and emerging manufacturing corporates have higher external financial constraints than state-owned corporates and traditional manufacturing corporates.The increase of the proportion of direct financing can significantly relieve the financing constraints of private enterprises and emerging manufacturing enterprises and improve the innovation and development investment and efficiency of enterprises while state-owned enterprises and traditional manufacturing enterprises are not sensitive to investment in innovation.There is an optimal financing structure boundary in the transition from financing structure to direct financing mode,and the promotion of innovative investment brought about by the increase of direct financing ratio will not be effective all the time.The increase of direct financing may crowd out the innovative R&D investment when the ratio of direct financing exceeds a certain threshold value.