摘要
本文构建了一个包含政府干预和融资约束的企业研发决策模型,从融资约束的视角考察地方政府行为对企业研发活动的影响。研究发现,企业遭受融资约束程度越深,政府干预程度就越低,企业研发投入也越少。在此基础上,运用2008-2014年中国上市公司数据的实证检验结果支持了理论部分的主要结论:我国上市公司的融资约束问题显著抑制了企业研发投入,政府干预则显著提升了企业研发水平,融资约束在政府干预与企业研发投入的关系中起弱化的调节作用。在政府干预程度较低地区或在民营企业组,融资约束对企业研发的抑制作用较大。结合企业规模和企业年龄的分样本回归结果显示,中小企业、年幼企业的融资约束问题更加突出,中小企业和成熟企业的政府干预程度更深。本文的研究对理解现阶段中国企业研发的融资困境、弱化金融扭曲、促进经济增长方式根本转变具有启示意义。
This paper constructs a corporate R&D decision-making model including government intervention and financing constraints,to examine the impact of local government behavior on firms' R&D activities from the perspective of financing constraints.We found that the bigger the financial constraints,the less the government intervention,and the less the firms' R&D expenditure.On this basis,the empirical test results of the data of listed companies in China for 2008-2014 support the main theoretical conclusions:the financing constraints have significantly inhibited the R&D investment of the listed companies in China while government intervention has significantly enhanced the firms' R&D investment.Financing constraints play a weakening role in the relationship between government intervention and the firms' R&D expenditure.Conversely,in areas with low degree of government intervention or in the subgroup of private firms,financing constraints have a greater inhibitory effect on firms.The sample regression results combining firm size and age show that the financing constraints of SMEs and start-up firms are more prominent,and the government intervention in SMEs and mature firms is deeper.The study findings have inspirations for understanding the financing dilemma of R&D activities in Chinese firms,weakening financial distortion and promoting the fundamental transformation of economic growth mode.
作者
张嘉望
彭晖
李博阳
ZHAN Gjiawang;PENG Hui;LI Boyang(Xi'an Jiaotong University,710061)
出处
《财贸经济》
CSSCI
北大核心
2019年第7期20-35,共16页
Finance & Trade Economics
基金
2017年国家建设高水平大学公派研究生项目(201706280313)
中央高校基本科研业务费专项基金“美国重振制造业战略的实施效果及其对中国经济的影响研究”(SK2014048)
关键词
地方政府行为
政府干预
融资约束
研发投入
Local Government Behavior
Government Intervention
Financing Constraints
R&D Investment
