金融发展、融资渠道与企业研发投入基于中国高科技上市公司面板数据的实证研究.docxVIP

金融发展、融资渠道与企业研发投入 ——基于中国高科技上市公司面板数据 的实证研究 陈志刚方进桂立 武汉大学中国中部发展研究院 摘要： 以中国高科技上市公司2009-2015年面板数据为样本，就金融发展和融资渠道 对我国企业研发投入的影响进行了实证研究。研究发现：（1）总体上看，我国高 科技上市公司企业研发活动存在融资约束问题，金融发展可提高企业研发投入， 且企业研发投入不依赖于股权融资而依赖于商业信用融资。（2）分地区看，东 部地区的金融发展提高了企业研发投入，而中西部地区的金融发展与企业研发 投入不相关。在东部和中西部地区，股权融资会降低企业研发投入，即在东部和 中西部地区企业研发投入不依赖于股权融资。（3）从所有权性质看，在国有控 股公司中，金融发展与企业研发投入不存在显著关系，国有企业的研发投入依 赖于商业信用融资;但在私人控股公司屮，金融发展会显著提高企业研发投入， 非国有企业的研发投入不依赖于股权融资。从缓解企业研发投入的融资约束、增 强高科技上市公司的企业研发投入角度，提出相关政策建议。 关键词： 金融发展;融资渠道;研发投入;融资约束;商业信用融资;股权融资; 作者简介：陈志刚（1971-），男，湖北省武穴人，博士，教授，博士生导师， 研究方向为金融发展理论与中国金融改革。 收稿日期：2017-09-23 基金：国家社会科学基金重点项目“金融发展与科技创新:理论和中国经验” （编号:13AJL005） Finaneial Development, Financing Channels and Company s RD Input Empirical Study on China s High一tech Listed Companies Panel Data CHEN Zhi-gang FANG Jin GUI Li Institution for the Development of Centrol China, Wuhan University; Abstract： In this paper, 677 enterprises in Shanghai and Shenzhen A-share market in 2009-2015 were used as the research samples to study the impact of financial developmenl and financing channels on RD investment. The results showed that: (1) Overall, there were financing constraints in Chinas high-tech listed companies RD activitics. Financial development helped to improve the RD investment, and the RD investment which relied on commercial credit financing was independent on equity financing. (2) For differenl areas, in the eastern region, the financial developmenl significantly improve RD investment, and the RD investment was not related in the central and western regions. In the cast and the midwest regions, the equity financing significantly reduced RD investment, that was not dependent on equity financing. (3) For different ownership companies, in the state-owned holding enterprises, there were no significant relationship between the financial development and RD investment, the RD investment depended on commercial credit financing. In non-state holding enterprises, the financial development would improve the RD investment, which d