实体企业进行金融资产配置会促进研发投入吗

Can Entity Enterprises’ Financial Assets Allocation Promote R&D Investment

以2007—2019年中国沪深A股非金融上市公司为样本,探究了实体企业的金融资产配置水平对其研发投入的影响及作用机制。实证结果表明,实体企业的金融资产配置水平与研发投入呈倒U型关系,即实体企业适度进行金融资产配置能够提高企业研发投入,而过度进行金融资产配置则会降低企业研发投入。作用机制分析显示,企业的金融资产配置通过影响财务风险作用于研发投入水平。进一步研究表明,融资约束水平正向调节两者的关系。

Based on the sample of A-share non-financial listed companies in Shanghai and Shenzhen from 2007 to 2019, this paper explored the impact of the financial assets allocation level of entity enterprises on their R&D investment and its influencing mechanism. The empirical results showed that there was an inverted U-shaped relationship between the financial assets allocation level of entity enterprises and their R&D investment, that is, the appropriate financial assets allocation level of entity enterprises could improve their R&D investment, while excessive financial assets allocation may reduce their R&D investment. Mechanism analysis meant that, the allocation of financial assets has affected the level of R&D investment by acting on financial risk. Further research showed that the level of financing constraints has positively regulated the relationship between enterprises’ financial assets allocation level and R&D investment.