摘要
本文尝试解释民营企业在融资难的困境下仍能同时实现高额慈善捐赠和高强度研发投入这一现象。基于战略性慈善行为相关理论,撬动更多外部融资是慈善捐赠促进民营企业研发投入的途径之一。本文选取 2002-2010 年中国私营企业调查微观数据(CPES)和经济发展水平等宏观经济数据,运用 Heckman 两步法、两阶段最小二乘法、倾向得分匹配法等方法系统地评估了战略性慈善行为对企业研发投入的微观经济效应。实证分析发现,战略性慈善行为能够显著促进民营企业研发投入,且这一效应在未亏损企业中更为显著。进一步地实证分析验证了企业战略性慈善行为的外部融资效应,即战略性慈善行为能够集聚更多银行贷款和外部投资等社会资源。本文的研究结论有益于提高民营企业的发展质量,进而推动我国经济结构转型升级。
This paper attempts to explain the phenomenon that private enterprises can simultaneously achieve high value charitable donations and high intensity R&D investment in the face of difficulties of financing constraints. Based on the theory of strategic philanthropy, inciting more external financing is one of the ways for charitable donations to promote private enterprise R&D investment. Using the 2002 - 2010 China Private Enterprise Survey Data ( CPES) and macroeconomic data such as economic development level,Heckman two step method, two stage least squares method, and propensity score matching method,this paper empirically examines the microeconomic impact of strategic philanthropy on corporate R&D investment. The empirical analysis found that strategic philanthropy can significantly promote the R&D investment of private enterprises, and this effect only exists in undiscounted enterprises. Further empirical analysis validates the external financing effect of strategic charitable donations, that is, strategic philanthropy can gather more social resources such as bank loans and external investment. The conclusions of this paper have important theoretical and practical significance for improving the development quality of private enterprises and promoting the transformation of China s economic development. At present, China is in the process of promoting the structural reform of the supply side and realizing the transition from high speed growth to high quality development. As private enterprises gradually develop and grow, their proportion in the national economy is getting higher and higher, and it has gradually become an important force and support for promoting China s social and economic development. Technological innovation is an important means to achieve high quality development of private enterprises. Combined with the research results of this paper, in order to improve the enthusiasm of private enterprises, promote the optimization and upgrading of private enterprises, and promote the high quality developme
作者
孙红莉
SUN Hong-li(School of Economics,Xiamen University,Xiamen,Fujian,361005,China)
出处
《经济管理》
CSSCI
北大核心
2019年第8期58-72,共15页
Business and Management Journal ( BMJ )
关键词
战略性慈善行为
研发投入
外部融资
strategic philanthropy
R&D investment
external financing
