研发投入对战略性新兴产业企业财务风险的影响--基于融资结构门限回归模型的实证检验

The Influence of R&D Investments on Financial Risk of Strategic Emerging Industry Enterprises——Empirical Test Based on Threshold Regression Model of Financing Structure

本文基于2012~2020年面板数据,实证检验了研发投入对战略性新兴产业企业财务风险的影响。固定效应模型检验表明,研发投入与财务风险之间存在非线性关系。门限回归模型检验发现,研发投入对财务风险的影响存在融资结构双重门限效应。当融资结构水平低于第一门限值和介于两个门限值区间时,研发投入增加会显著改善财务状况,但改善效应随融资结构水平提高而显著下降。当融资结构水平大于第二门限值时,研发投入增加会显著增加财务风险。采用替换变量法和滞后一期法对上述研究进行了稳健性检验,证明上述结论成立。在异质性检验中发现,不同行业或不同地区战略性新兴产业企业的研发投入对其财务风险影响的融资结构门限效应不尽相同,即有双重门限效应和单一门限效应之分。在不同融资结构水平下,不同行业或不同地区战略性新兴产业企业的研发投入对其财务风险影响的效应存在显著差异。据此,给控制或防范战略性新兴产业企业因研发投入而引发的财务风险提出了相关建议。

Based on the panel data of listed enterprises from 2012 to 2020,this paper empirically tests the impact of R&D investments on the financial risks of Enterprises in China􀆳s strategic emerging industries.The test of fixed effect model shows that there is nonlinear relationship between R&D investments and financial risk.Threshold regression model test shows that there is a double threshold effect of financing structure on the impact of R&D investments on financial risk.When the level of financing struc⁃ture is lower than the first threshold and between the two threshold ranges,the increase of R&D investments can significantly im⁃prove the financial position,but the improvement effect decreases significantly with the increase of financing structure.When the level of financing structure is greater than the second threshold,the increase of R&D investments will significantly increase the financial risk.The robustness tests of the above studies are carried out by using substitution variable method and one-stage lag method,and the above conclusions were proved to be valid.In the heterogeneity test,it is found that the financing structure thres⁃hold effect of R&D investments on the financial risk of enterprises in different industries or different regions is not the same.That is to say,there are double threshold effect and single threshold effect.Under different levels of financing structure,the effect of R&D investments on financial risk of enterprises in different industries or different regions is significantly different.Accordingly,some suggestions are put forward to control or prevent the financial risks caused by R&D investments in strategic emerging industries.