金融发展、两类代理成本与企业研发投入——基于2009—2018年A股上市公司的实证分析

Research on Financial Development, Two Types of Agency Costs and Firms’ R&D Investment——Evidence from the Listed Companies in the A-Share Market from 2009 to 2018

针对金融发展通过何种渠道作用于企业研发投入的问题,本文从公司治理的角度出发,以2009—2018年A股上市公司为研究样本,利用多元回归及Bootstrap方法,实证分析了金融发展、两类代理成本与企业研发投入的关系。实证结果表明:第一,金融发展与两类代理成本呈负相关关系;第二,两类代理成本都能对企业研发投入产生负面影响,第一类代理成本产生的影响在国有上市公司与非国有上市公司之间并不存在显著差别,但第二类代理成本产生的影响主要存在于非国有上市公司中;第三,两类代理成本均能在金融发展影响企业研发投入的过程中发挥部分中介作用,在非国有上市公司中,两类代理成本的中介作用均显著,但在国有上市公司中,仅第一类代理成本的中介作用显著。本文研究不仅有助于理解金融与实体经济相互协调发展的微观基础,而且对于重新审视公司治理机制在金融发展对实体经济的支持与服务过程中所扮演的角色具有现实意义。

In the external environment that affects the technological innovation of enterprises, the importance of financial development is self-evident. In order to explore whether financial development can have an impact on corporate innovation and R&D through corporate governance channels, this paper takes the non-equilibrium panel data of Shanghai and Shenzhen A-share listed companies from 2009 to 2018 as a sample, and empirically analyzes the relationship between financial development, two types of agency costs and enterprise R&D investment by using multiple regression and Bootstrap method. The results show that:firstly, for both types of agency costs, financial development can play a certain role in governance. Secondly, both types of agency costs can have a negative impact on the R&D investment of enterprises. Comparing the two types of agency costs, the impact of the first type agency cost is not significantly different from that of state-owned listed companies and non-state-owned listed companies, but the impact of the second type of agency costs mainly exists in non-state-owned listed companies. Thirdly, the intermediary role played by both types of agency costs is significant in non-state-owned listed companies, but for state-owned listed companies. only the first type of agency cost plays a significant intermediary role.The main contributions of this paper are: firstly, this paper analyzes the mechanism of financial development affecting the R&D investment of enterprises through agency problems from the theoretical level, and enriches the theoretical research on related issues. Secondly, this paper takes the two types of agency costs as the intermediary variables, empirically tests the role and effect of the two types of agency costs between financial development and enterprise R&D investment, and plays an expanding role in understanding the interaction mechanism between financial development and enterprise R&D investment. Thirdly, this pape explores the differences in the impact of financial development on enterprise R&D investment between different regions, and more clearly recognizes the similarities and differences in the innovation and R&D environment in different regions, which provides new evidence for the improvement of financial systems and financial policies to improve the level of enterprise R&D.