融资约束对科技型中小企业R&D投资效率的影响——来自中小板科技型企业的经验证据

Effects of Financing Constraints on the R&D Investment Efficiencyof Tech-SMEs :Empirical Evidence from Science and Technology

摘要:

以2010~2014年深市中小板中的165家科技型企业数据为研究依据，利用二元Logistic模型构建融资约束指数，在Richardson投资支出模型改进的基础上测度科技型中小企业R&D投资效率，并对融资约束对科技型中小企业R&D投资效率的影响进行实证检验。研究表明：科技型中小企业的非效率R&D投资主要源于R&D投资不足；R&D投资不足企业融资约束的加剧会降低科技型中小企业R&D投资效率，R&D投资过度企业融资约束的客观存在可有效缓解科技型中小企业的委托代理问题进而提高其R&D投资效率；较好的财务能力能够缓解科技型中小企业面临的融资约束；国有性质的科技型中小企业R&D投资效率较低；规模较大的科技型中小企业具有更高的R&D投资效率。

Abstract:

We take 165 Science and technology enterprises from the SME Board in Shenzhen stock market from 2010 to 2014，and using Binary Logistic Model to build the financing constraints index. The measure of tech-SMEs' R&D investment efficiency is based on a modified Richardson Investment Expenditures Model, by which we theoretically analyze and empirically test the effects of financing constraints on tech-SMEs' R&D investment efficiency. We find that the inefficiency of the R&D investment of tech-SMEs is mainly caused by the insufficient R&D investment. When there is insufficient R&D investment，the tightening financing constraints will reduce tech-SMEs' R&D investment efficiency.When there is R&D over-investment，the existence of financing constraints can effectively solve the principal-agent problem and improve the efficiency of R&D investment. Further research finds that the enterprises in better financial position have looser financing constraints;State-owned tech-SMEs have lower R&D investment efficiency. Larger-scale tech-SMEs have higher R&D investment efficiency.