资本市场促进了高新技术企业研发投入吗

›› 2012, Vol. 30 ›› Issue (9): 1363-1369.

资本市场促进了高新技术企业研发投入吗

夏冠军

浙江理工大学经济管理学院；上海财经大学金融学院

收稿日期:2012-03-07 修回日期:2012-05-28 出版日期:2012-09-15 发布日期:2012-09-18
通讯作者: 夏冠军
基金资助:
国家自然科学基金面上项目“人力资本促进“生产集群”向“创新集群”升级研究”(批准号71173250/ G0304）

Capital Market, Financial constraints and High-tech Enterprises’ R&D Expenditure

Received:2012-03-07 Revised:2012-05-28 Online:2012-09-15 Published:2012-09-18

摘要/Abstract

摘要： 企业研发投入需要大量资金长期持续性的投入，外部股权融资的获取是影响企业研发投入的关键因素。本文首先就资本市场对企业研发投入的影响进行了理论分析，然后基于中国高新技术上市公司动态面板数据，用系统GMM方法实证检验了外部股权融资对企业研发投入的影响。研究发现，资本市场提供的外部股权融资促进了高新技术上市公司的研发投入，并且这种正向影响对规模小的企业更为明显。因此，应鼓励研发密集型中小企业上市，以促进企业研发投入。

关键词: 资本市场外部股权融资企业研发投入, Capital market, External equity financing, Firms’ R&D investment

Abstract: Due to requirement a massive and sustained influx of funding over a long period of time for Firms’ R&D investment, external equity financing resource for firms’ R&D investment is a key factor affecting. In this paper we at first theoretically analyses the impact of capital market on firms’ R&D investment. Subsequently, Using the dynamic panel Data on China’ high-tech listed firms with GMM Estimation; we empirically investigate external equity financing’s influence on high-tech firms’ R&D investment. The study finds that external equity financing offered by capital market has a positive effect on the firms’ R&D investment, particularly for small firms. This article gives new empirical evidence for it and insights into the microcosmic mechanism of the effect of Chinese capital market on the real economy

中图分类号:

F275

夏冠军. 资本市场促进了高新技术企业研发投入吗 [J]. , 2012, 30(9): 1363-1369.