营商环境对不同所有制企业研发投入的影响

The Impact of Business Environment on R&D Investment of Enterprises of Different Ownership

基于2011-2018年我国A股上市公司面板数据,运用面板固定效应模型,通过构建城市营商环境指标,探究营商环境对不同所有制企业研发投入的影响差异以及融资约束的中介作用。研究发现:与国有企业相比,营商环境对民营企业研发投入的促进作用更为显著,且通过缓解融资约束更能加大民营企业研发投入。进一步研究发现,营商环境各要素对企业研发投入的促进作用存在显著差异;营商环境对研发投入的促进作用在高科技行业企业中更为显著,且在高科技行业民营企业中最为显著。

Based on the panel data of my country’s A-share listed companies from 2011 to 2018,the panel fixed effect model is used to explore the impact of business environment on the R&D investment of enterprises of different ownerships and the intermediary role of financing constraints by constructing urban business environment indicators.The study found that:compared with state-owned enterprises,the business environment has a more significant role in promoting the R&D investment of private enterprises,and it can increase the R&D investment of private enterprises by easing financing constraints.Further research found that there are significant differences in the promotion of business environment factors on R&D investment of enterprises;the promotion effect of business environment on R&D investment is more significant in high-tech industry enterprises,and most significant in high-tech industry private enterprises.