高新技术企业融资效率对研发投入的影响

Research on the Impact of Financing Efficiency of High-tech Enterprises on R&D Investment

摘要:

以2012-2016年深沪证券交易所上市的374家高新技术企业为研究样本，运用DEA模型从行业类型及产权性质两个视角对企业融资效率进行对比，并在此基础上，通过Tobit模型实证分析高新技术企业融资效率对研发投入的影响。研究结果表明：高新技术企业融资效率整体偏低，并且在不同维度间存在差异；企业融资效率与研发投入呈显著正相关关系，其中，非国有企业相比国有企业的促进作用更为明显；企业融资效率对研发投入的影响存在滞后性，滞后两期效果更好。

Abstract:

As the core element of the development of high-tech enterprises, scientific and technological innovation requires a large amount of R&D investment. Based on the 374 high-tech enterprises in 2012-2016, using DEA model measure the financing efficiency and compared from industry type and property rights.Then, we investigate the effect of financing efficiency on the R&D investment.The results show that the financing efficiency of high-tech enterprises is low, and there are differences between different dimensions. There is a significant positive correlation between enterprise financing efficiency and R&D investment. Among them, the promotion effect of non-state-owned enterprises is more obvious than that of state-owned enterprises. The effect of enterprise financing efficiency on R&D investment is lagging behind, and two-phase lag is better.