缓解融资约束路径选择对创新投入的影响被引量：6

The Influence of Routing Selection to Relieve Financial Constraints on R&D Input

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摘要以国际经验借鉴和中国企业数据验证为视角,使用世界73个经济体1995—2008年数据和中国制造业企业2005—2007年数据,探讨了缓解融资约束的金融市场发展对创新投入的影响机理和路径选择问题,通过动态面板和门限面板实证分析发现:本国金融市场存在融资约束时,外资流入可以缓解经济体或本国企业创新投入的不足;金融市场发展对经济体或企业创新投入产生非线性影响,不同金融市场路径选择具有不同影响途径,在本国融资约束情况下,股权市场对外开放会对创新投入产生显著影响,而当金融市场融资约束较小时,信贷融资开始对创新投入产生显著影响,因此,创新投入倾向权益融资;信贷融资对经济体或企业实物资产要求较高,而国内权益融资则影响较小。 From the perspective of international experience and Chinese firms, using the data of 73 different world- wide economies from 1995 to 2008, and of Chinese manufacturing firms from 2005 to 2007, this paper discusses the influence mechanism and routing selection of financial development which relives financing constraints on R＆D input. With dynamic panel and threshold panel, the empirical research shows that：（1） When financial con- straints exist in domestic financial market, choosing external opening can relieve the inadequacy in innovation in- put. （2） The development of financial market has nonlinear effect on innovation input, different financial market routing has different influences. In the situation of financial constraints, the equity market first influences innova- tion input significantly, only when the less constraints in financial market, credit financing has significant infiu- ence. So innovation financing usually tends to equity financing. （3） Credit financing requires a high physical asset characteristics, but not in equity financing.

作者王昱成力为

机构地区大连理工大学管理与经济学部经济学院

出处《科学学与科学技术管理》 CSSCI 北大核心 2013年第10期142-151,共10页 Science of Science and Management of S.& T.

基金国家自然科学基金重点项目(71033002) 国家自然科学基金项目(71172136) 教育部社会科学基金项目(11YJA790016) 大连理工大学人才引进基金项目(DUT11RC(3)43)

关键词融资约束金融发展创新投入动态面板门限面板 financing constraints financial development R＆D input dynamic panel threshold panel

分类号 F275 [经济管理—企业管理]

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