将金融发展程度纳入到融资成本函数和研发投资决策模型中,讨论了金融发展对于缓解融资约束从而激励研发投资的理论机制,进而以中国2006-2010年大中型工业企业的省际面板数据为样本,基于动态面板模型和"欧拉方程"就金融发展对企业研发投资的影响及作用机制进行了实证检验,结果表明:(1)企业研发强度与内部现金流显著正相关,说明工业企业研发活动的融资约束的确存在;(2)金融深化程度的提高能够有效降低R&D投资对内部资金的依赖,强化银行贷款和实收资本的作用;(3)资本市场发展对企业融资约束的缓解没有起到明显的效果,反映了我国资本市场的融资功能不完善,尚未真正成为企业研发投资融资渠道的现实。
Abstract
The degree of financial development is added into the model of financing cost function and R&D investment decision model, and the theoretical mechanism of easing financing restriction to stimulate R&D investment by financial development is discussed. Based on the provincial panel data of Chinese large-and-medium sized industrial firms from 2006 to 2010, the influences and mechanism of financial development on the firm's R&D investment are tested empirically by dynamic panel model and Euler equation. The reflections of the test are as follows. (1)There is a significant positive correlation between R&D intensity and internal cash flow, indicating that the financing restriction really exists in R&D activities of industrial firms. (2)The increase of financial deepening degree can reduce the reliance on internal finance of R&D investment and intensify the functions of bank loan and paid-up capital. (3)The influence on firms' financing restriction by capital market development has no apparent effect, reflecting the imperfect functions of capital market and the fact that capital market has not become a financing channel of R&D investment in China.
关键词
金融发展 /
融资约束 /
研发投资 /
欧拉方程
Key words
financial development /
financing restriction /
R&D investment /
Euler equation
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基金
国家社科基金项目:战略性新兴产业的生态位培育机制与政策研究(14BGL014),2014.6-2016.12;教育部人文社科基金项目:市场圈定约束下整机带动零部件技术升级的机制创新、纵向关系治理与政策设计(13YJC790127),2014.1-2016.12;辽宁省教育厅一般研究项目:战略性新兴产业演化模型:技术、需求与制度协同的视角(L2013039),2013.8-2016.12。
