产融结合、研发投入与企业绩效---来自高新技术企业的经验证据

Integration of Industry and Finance,R&D Investment and Corporate Performance--Empirical Evidence from High-tech Enterprises

选取2008—2020年A股上市的高新技术企业为研究对象,运用倾向得分匹配法探究产融结合对企业绩效的影响,采取逐步回归法检验研发投入的中介效应,通过面板数据多元回归评估不同类型的产融结合对绩效影响的差异性。研究发现:(1)产融结合能显著提升企业绩效;(2)研发投入具有部分中介效应,产融结合通过研发投入促进企业绩效;(3)持股上市类以及综合类金融机构的产融结合对企业绩效具有显著正向作用。最后,提出建议:高新技术企业应积极实施产融结合,加大研发投入、提高企业创新能力,根据产融结合差异性作用,合理选择持股对象。

Selecting the high-tech enterprises listed on A shares from 2008 to 2020 as the research objects,using the propensity score matching method to explore the impact of the integration of industry and finance on enterprise performance,and using the stepwise regression method to test the mediating effect of R&D investment.The differences in the impact of different types of industry-financial integration on performance are assessed through panel data multiple regression.The study found that:(1)the integration of industry and finance can significantly improve corporate performance;(2)R&D investment has a partial intermediary effect,and the combination of industry and finance promotes corporate performance through R&D investment;(3)The combination of industry and finance in share-holding listed and comprehensive financial institutions has a significant positive effect on corporate performance.Finally,suggestions are put forward:high-tech enterprises should actively implement the integration of industry and finance,increase investment in research and development,improve the innovation capability of enterprises,and reasonably select the shareholding objects according to the different effects of the integration of industry and finance.