摘要
中小企业在中国经济结构转型中居于重要地位,但较高的信用风险阻碍了其高质量发展。本文以2011—2020年创业板和科创板上市公司为样本,研究研发投入对中小企业信用风险的影响。实证结果表明,研发投入降低中小企业的信用风险,两者之间的负向关系在考虑内生性和稳健性检验后依然成立,门槛回归分析的结果也没有改变这种负向关系。机制研究显示,研发投入会通过降低企业负债水平和提升企业价值两个路径来降低企业信用风险。拓展性研究表明,数字普惠金融发展水平会削弱两者的负向作用,且数字普惠金融的调节作用在金融监管强度较低、内部治理水平较差和数字化水平较低的中小企业样本中更为显著,在金融监管强度较高、内部治理水平和数字化水平较高的中小企业样本中则不明显。基于上述结论,本文提出相关建议。
Small and medium-sized enterprises play an important role in Chinese economic restructuring,but high credit risk hinders their high-quality development.This paper studies the impact of R&D investment on the credit risk of small and medium-sized enterprises by taking the listed companies on the Growth Enterprise Market and the Sci-Tech Innovation Board Market from 2011 to 2020 as samples.The empirical results show that R&D investment reduces the credit risk of small and medium-sized enterprises.This negative relationship between R&D investment and credit risk is still valid after considering the endogenous and robustness tests,and the results of threshold regression analysis have not changed this negative relationship.Mechanism research shows that R&D investment will reduce enterprise credit risk by reducing the level of enterprise debt and improving enterprise value.Extensive research finds that the development level of digital inclusive finance will weaken the negative relationship between R&D investment and credit risk,and the moderating effects of digital inclusive finance is more significant in the sample of small and medium-sized enterprises with less financial supervision intensity,poor internal governance level and low digitization level,while it is not obvious in the sample of small and medium-sized enterprises with higher financial supervision intensity,better internal governance level and higher digitization level.Based on these conclusions,this paper puts forward relevant suggestions.
作者
贺炎林
刘冠丞
He Yanlin;Liu Guancheng(School of Banking and Finance,University of International Business and Economics,Beijing 100029,China)
出处
《中国科技论坛》
CSSCI
北大核心
2023年第8期86-96,共11页
Forum on Science and Technology in China
关键词
中小企业
研发投入
信用风险
数字普惠金融
Small and medium-sized enterprise
R&D investment
Credit risk
Digital inclusive finance
