科研管理

科研管理 ›› 2017, Vol. 38 ›› Issue (5): 38-47.

• 论文 • 上一篇    下一篇

金融发展边界与企业R&D投资

王昱1,成力为2，夏君诺1   

  1. 1大连理工大学商学院,辽宁 盘锦124221； 2大连理工大学经济学院,辽宁 大连116024
  • 收稿日期:2014-10-09 修回日期:2016-04-06 出版日期:2017-05-20 发布日期:2017-05-20
  • 通讯作者: 王昱
  • 基金资助:

    国家自然科学基金项目：R&D资金配置主体技术选择协同与配置效率提升机制研究（编号：71473025，起止时间：2015.5-2018.12）；教育部社科基金项目：功能升级视角下寻找金融发展促进R&D投资的可能性边界（编号：16YJC790105，起止时间：2016.7-2018.12）；大连理工大学人才引进基金项目：中国区域金融发展的收敛机制与优化路径研究（编号：DUT15RC(3)124，起止时间：2015.12-2017.12）。

The Boundary of Financial Development and Firms’ R&D Investment

Wang Yu1, Cheng Liwei2, Xia Junnuo1   

  1. 1. School of Business, Dalian University of Technology, Panjin 124221, Liaoning, China; 
    2. School of Economics, Dalian University of Technology, Dalian 116024, Liaoning, China
  • Received:2014-10-09 Revised:2016-04-06 Online:2017-05-20 Published:2017-05-20

摘要： 强化市场机制在资源配置中的决定作用，促进金融资本支持企业R&D投资是中国产业结构升级的关键。首先，构建金融发展对企业R&D投资阶段边界影响的理论模型，认为超过一定边界的金融规模或金融效率不利于企业的R&D决策和R&D投资。其次，运用三阶段DEA-Malmquist指数、HECKIT模型和门限模型实证检验发现：（1）金融规模影响企业R&D投资具有双门槛值，深化不足或过度扩张的金融规模不利于企业R&D投资。（2）金融效率影响企业R&D投资具有单门槛值，技术进步、纯技术效率、规模效率及全要素生产率提升有利于企业R&D投资。（3）金融发展对企业R&D投资影响更多体现在扩展边际。金融效率是跨越企业R&D投资过程中规模瓶颈的重要途径。

关键词: 金融发展边界；R&, D投资；HECKIT模型；门限面板

Abstract: It’s important to industrial structure upgrading and economics growth in China for promoting the financial capital flowing to firm R&D and technology advancement. First, constructing theoretical model of the boundary effect of financial development on firms’ R&D investment, finds that the financial scale or financial efficiency that exceeds a certain boundary is not conducive to R&D decision or input. Second, using three stage DEA-Malmquist, HECKIT model and threshold panel, empirically finds that (1) double threshold exists in financial scale, lack of financial deepening or overexpansion is conducive to R&D investment. (2) single threshold exists in financial efficiency, the improve of skill progress, pure skill efficiency, scale efficiency and total factor productivity is conducive to R&D investment. (3) the extensive margin is more important for influence of financial development on firms’ R&D investment.

Key words: financial development boundary, R&D investment, HECKIT model, threshold panel