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。
It is the key of industrial structure upgrading and economic growth in China to promote financial capital flowing to firm R＆D and technology advancement. First, by constructing the theoretical model of boundary effect of financial development on firms＇ R＆D investment, this paper finds that the financial scale or financial efficiency that exceeds a certain boundary is not con- ducive to R＆D decision or input. Second, by using the three - stage DEA - Malmqaist, HECKIT model and the threshold panel, it is empirically found out that （ 1 ） double threshold exists in financial scale, lack of financial deepening or overexpansion is con- ducive to R＆D investment. （2） single threshold exists in financial efficiency, the improvement of skill progress, pure skill efficiency, scale efficiency and total factor productivity is conducive to R＆D investment. And （3） extensive margin is more important for influence of financial development on firms＇ R＆D investment.
出处
《科研管理》
CSSCI
CSCD
北大核心
2017年第5期38-47,共10页
Science Research Management
基金
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)
