融资约束背景下的企业研发投入与新产品开发绩效 ——基于40万工业企业数据库的面板模型分析

R & D INVESTMENT, FINANCING CONSTRAINTS AND NEW PRODUCT DEVELOPMENT PERFORMANCE- PANEL DATA ANALYSIS OF 400 000 INDUSTRIAL ENTERPRISES DATA

摘要:

以往研究对于企业研发投入强度与新产品开发绩效之间的互动关系存在着正向影响与负向影响的不同结论。其原因之一在于未考虑融资约束等情境因素的影响。本文研究了从融资约束的视角研究了企业研发投入强度与新产品开发绩效之间的影响关系，基于构建面板回归模型的方法和中国工业企业数据，本文的实证结果表明，（1）进一步验证了研发投入强度与新产品开发绩效之间的正向关系的存在；（2）研发投入强度与新产品开发绩效存在着非线性倒U型关系，（3）检验了融资约束存在的调节效应，内部融资约束与外部融资约束对于上述关系的影响不同。上述结果可以为企业、政府和金融机构共同促进形成新产品研究提供理论与政策指引。

Abstract:

Previous studies for the strength of the interaction between R & D investment and new product development performance exists between the positive impact and the negative impact of the different conclusions. One reason is that the impact of financial constraints and other contextual factors are not taken into account. In this paper, from the perspective of the effects of financing constraints relationship between the intensity of R & D investment and new product development performance, empirical data based on the results of the panel regression model was constructed and Chinese industrial enterprises, this paper shows that (1) to verify the research there is a positive relationship between the strength of investment and new product development performance; and (2) R & D intensity and the existence of new product development performance nonlinear inverted U-shaped relationship, (3) examined the moderating effect of financing constraints exist, internal financing different constraints and external financing constraints for the above-mentioned relations. These results can be corporations, governments and financial institutions to promote the formation of new product research and provide theoretical and policy guidelines.