融资约束对企业研发合作决策及投入规模的影响

The Impact of Financing Constraints on Firms' RD Collaboration Decisions and Investment

摘要:

深入探讨企业研发合作的影响因素，同时探寻能够更准确衡量企业融资约束指标的新方法。利用世界银行2012年对中国企业调查数据库中的1 484家企业，包括有研发活动的企业667家、有研发合作的企业143家，直接采用其中相关关键指标及数据，同时尝试采用直接通过企业自身感知融资困难的主观测量法来衡量核心解释变量企业融资约束，通过分别构建Probit二元选择模型和线性回归模型来考察融资约束对企业研发合作决策及研发合作投入规模的影响，并从企业层面选择3个工具变量来缓解由于逆向关系导致的内生性问题；此外，通过用企业是否存在融资障碍的二元虚拟变量替换解释变量以及将样本缩减至有研发活动企业中两种方法来进行稳健性检验，还进一步通过区分行业、企业规模和性质来开展异质性分析。结果显示：融资约束在一定程度上降低了企业研发投入，但显著地提升了企业间研发合作的可能性及其投入规模；融资约束对企业研发合作的影响在外部融资依赖程度高、小规模企业和民营企业中更为突出。因此，应通过完善金融市场，逐步消除研发企业与金融机构的信息不对称、降低融资成本，并加速创新资源在企业间进行重新配置，促进我国整体产业的创新和技术升级。

Abstract:

This paper delves into the factors influencing firm research and development collaboration while exploring new methods for more accurate measurement of corporate financing constraints. Using data from the World Bank's 2012 survey of 1,484 Chinese enterprises, including 667 engaged in research and development activities and 143 in research and development collaboration, we directly utilize relevant key indicators and data. We also attempt to measure the core explanatory variable, corporate financing constraints, by directly employing a subjective measurement method based on companies' own perceptions of financial difficulties. We examine the impact of financing constraints on firm decisions regarding research and development collaboration and investment scale by constructing Probit binary choice models and linear regression models. We use three instrumental variables at the firm level to mitigate endogeneity issues arising from reverse causality. Furthermore, we conduct robustness tests by replacing the explanatory variable with a binary dummy variable indicating the presence of financing constraints and by reducing the sample to firms engaged in research and development activities. We further conduct heterogeneity analysis by distinguishing industries, firm sizes, and nature. The results show that financing constraints to some extent reduce firm research and development investment but significantly enhance the possibility and scale of research and development collaboration among firms. The impact of financing constraints on firm research and development collaboration is more pronounced in firms with a high degree of external financing dependence, small firms, and private enterprises. Therefore, it is necessary to improve financial markets, gradually eliminate information asymmetry between research and development firms and financial institutions, reduce financing costs, and accelerate the reconfiguration of innovation resources among firms, promoting overall industrial innovation and technological advancement in China.".