外部融资对企业研发投入的影响实证研究——基于动态面板数据的系统GMM分析

An Empirical Study of the Influence of External Financing on Enterprise R&D Investment: Based on the System GMM Estimation of Dynamic Panel

摘要:

企业的创新离不开资金的支持,本文聚焦于外部融资对企业研发投入的影响,以2013—2017年1014家高新技术行业上市公司作为研究样本,实证检验了政府补助、股权融资与债权融资对企业研发投资的影响。研究结果表明,企业倾向于将政府补助投入到研发中去；而股权融资与债权融资的增加都没有对研发投入起到积极作用；政府补助的增加减弱了债权融资对研发投入的消极影响,起到了一定的刺激作用。本文在模型回归中使用了系统GMM法,能更好地控制内生性问题并提高估计的效率。

Abstract:

The innovation of enterprises is inseparable from the support of funds. This paper focuses on the impact of external financing on firms’ R&D investment. Taking 1014 high-tech industry listed companies in 2013—2017 as a research sample, this paper empirically tests the impact of government subsidy, equity financing and debt financing on corporate R&D investment. The research results show that enterprises tend to invest government subsidies in research and development; while the increase of equity financing and debt financing has not play a positive role in R&D investment; the increase of government subsidies has weakened the negative impact of debt financing on R&D investment, It has a certain stimulating effect. This paper uses the system GMM Estimation for dynamic panel data to control endogeneity problems better and improve the efficiency of estimation.