摘要
企业融资活动与研发创新间互动关系的研究大多集中于融资活动对研发创新的影响,有关研发创新如何影响融资活动的研究认知尚存在争议。通过分析二者间的互动机理,提出所有权差异是导致互动关系异质的重要情景因素,进而构建PVAR模型,以2011—2016年我国内地战略性新兴产业上市公司为样本展开实证分析。结果发现:①4种融资活动均对企业研发创新产生积极影响,其中,内部融资对企业研发创新的促进效应最强,政府补助次之,最后为债务融资与股权融资;②研发创新能有效提升企业外部融资能力,但对内部融资和政府补助的促进效应较小;③内部融资、政府补助对非国企研发创新的激励效应高于国企,但国企研发创新对股权融资、债务融资的影响程度则高于非国企。
There exists dispute on the interactive relationship between enterprise financing activities and research & innovation.Most of the researches focus on the impact of enterprise financing activities on research and innovation,but there is no unified opinion on how research and innovation affects financing activities.This paper analyzes the interaction mechanism between enterprise financing activities and research & innovation,and puts forward that the difference in ownership of enterprises is an important situational factor that leads to the heterogeneity of the interaction relationship between the two parties.Based on the mechanism,the PVAR model is constructed to analyze the sample of the listed companies in strategic emerging industries from 2011 to 2016.The findings are as follows:①all four kinds of financing activities have a positive impact on research and innovation,among which the internal financing has the strongest effect on research and innovation,the government subsidy is the second,and the last is debt financing and equity financing;②research and innovation can effectively improve the external financing capability of enterprises,but has little effect on internal financing and government subsidies;③the incentive effect of internal financing and government subsidy on research and innovation of non-state-owned enterprises is higher than that of state-owned enterprises,but the influence of research and innovation on equity financing and debt financing is higher than that of non state-owned enterprises.
引文
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