科技金融发展、融资约束与企业研发投入 —来自A股上市公司的经验证据

Development of Sci-tech Finance, Financing Constraints and Firm"s R&D Investment---Empirical Evidence from China"s Listed A-shares

摘要:

摘要：在构建地区科技金融发展体系对30个省（市）科技金融发展水平进行测算的基础上，构建面板模型对地区宏观科技金融发展水平对微观企业研发投入的作用进行实证分析。研究发现：（1）科技金融发展对企业研发投入存在正向激励作用，且主要通过科技资本市场和风险投资发生作用；（2）科技金融发展对企业研发投入的作用存在所有制差异和研发强度差异，非国有企业和高研发强度企业获得的科技金融支持作用更强。 关键词：科技金融发展；融资约束；研发投入

Abstract:

On the basis of constructing the regional sci-tech financial development system to evaluate the development level of sci-tech finance in 30 provinces (cities), this paper constructs the panel model to analyze the effect of the development level of regional macro sci-tech finance on the R&D investment of micro firms.The results show that: (1) The development of sci-tech finance has a positive incentive effect on Firm"s R&D investment, which mainly comes from the sci-tech capital market and venture capital investment; (2) There are ownership differences and R$D intensity differences in the effect of sci-tech financial development on Firm"s R&D investment.Non-state-owned firms and firms with high R$D investment intensity receive greater support from sci-tech finance.