摘要
文章运用世界银行对中国制造业企业的抽样调查数据,采用Heckman选择模型实证分析了信贷融资状态对企业研发力度和是否进行研发的影响。研究表明,我国制造业企业"未获得贷款"会显著降低企业研发概率,但一旦企业决定进行研发,企业研发投入力度则不受信贷融资状态的影响。进一步研究表明,企业自身的人力资本有利于提高企业的研发概率、缓解(但无法完全消除)信贷融资状态对企业研发概率的负面影响,但这种缓解作用仅存在于"总经理的学历提高至博士研究生"及"总经理的收入直接与企业绩效挂钩"这两方面。因此,若单纯依靠人力资本积累而不给予企业外部融资便利,仍难以有效提高我国企业的研发倾向。
This paper employs Heckman selection model to empirically examine the effects of credit financing on corporate R＆D input and R＆D propensity based on a sample of 12400 Chinese manufacturing firms from the World Bank＇s Enterprise Survey. It shows that no access to loans significantly reduces R＆D propensity in Chinese manufacturing firms, but after the decision of carrying out R＆D, corporate R＆D input intensity will not be influenced by credit financing. Further study indicates that corporate human capital is beneficial to the increase in Rg〉D propensity and helps to weaken （but could not completely eliminate） the negative effect of credit financing on R＆D propensity. But the weakening effect is only related to two human capital factors, namely the doctoral general manager and the direct correlation between the income of general manager and corporate performance. Therefore, it is still difficult to effectively improve corporate R＆D propensity in China only by the accumulation of human capital. External financing convenience is needed.
出处
《财经研究》
CSSCI
北大核心
2012年第10期101-111,共11页
Journal of Finance and Economics
基金
教育部人文社科青年基金项目(12YJC790156)
国家自然科学基金青年基金项目(71103100
71203107)
