摘要
本文以中国实施“走出去”战略为背景,选取2010-2019年A股上市公司作为研究样本,基于融资约束的视角,实证评估企业对外直接投资对研发投入的影响。同时以企业海外子公司的增量与存量来衡量企业对外直接投资行为,将融资约束分为内部性融资约束与外部性融资约束,并将其与企业研发投入纳入同一分析框架。实证结果表明:(1)在融资约束较小时,企业对外直接投资的增量增加了企业研发投入;在融资约束较大时,企业对外直接投资的增量减少了企业研发投入。在进行缩小样本与更换回归方法的稳健性检验后,上述结论仍然稳健并且在企业所有制与企业规模上存在异质性。(2)企业的外部性融资约束与内部性融资约束在对外直接投资对企业研发投入的影响中分别起调节作用与中介作用。选取东道国制度质量作为企业对外直接投资的工具变量,进一步缓解回归模型中存在的内生性问题。这一研究为企业在面临高融资约束情况下,如何合理选择对外直接投资与研发投入提供参考。
Based on the background of China's“going out”strategy,this article selects A-share listed companies from 2010 to 2019 as research samples,and empirically evaluates the impact of outward foreign direct investment on R&D investment from the per⁃spective of financing constraints.At the same time,the article measures the enterprise's outward foreign direct investment behavior by the increase and stock of the enterprise's overseas subsidiaries,divides the financing constraints into internal financing constraints and external financing constraints,and incorporates them into the same analysis framework with R&D investment.The empirical results show that:Firstly,when the financing constraints are small,the increase of OFDI increases the R&D investment.When the financing constraints are large,the increase of OFDI reduces the R&D investment.After the robustness test of shrinking sample and changing re⁃gression method,the above conclusion is still robust,and there is heterogeneity in enterprise's ownership and enterprise's scale.Sec⁃ondly,the external and internal financing constraints play a moderating and mediating role respectively in the impact of OFDI on R&D investment.It also selects the institutional quality of the host country as the instrumental variable of outward foreign direct investment to further alleviate the endogenous problems in the regression model.This article provides a reference for enterprises to choose outward foreign direct investment and R&D investment in the face of high financing constraints.
作者
陈钊泳
陈昭
CHEN Zhao-yong;CHEN Zhao(School of Economics and Trade,Guangdong University of Foreign Studies,Guangzhou 510006,China)
出处
《湖北经济学院学报》
2022年第2期34-50,127,共18页
Journal of Hubei University of Economics
关键词
对外直接投资
企业研发投入
融资约束
调节作用
中介作用
outward foreign direct investment
enterprise R&D investment
financing constraints
regulation effect
mediat⁃ing effect
