Studies in Science of Science ›› 2017, Vol. 35 ›› Issue (9): 1320-1325.

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Research on the Impact of Science-finance on R&D Investment of firms

  

  • Received:2016-12-21 Revised:2017-04-16 Online:2017-09-15 Published:2017-09-15

科技金融发展对企业研发投入的影响研究

钱水土1,张宇2   

  1. 1.
    2. 浙江工商大学
  • 通讯作者: 张宇

Abstract: This paper examines the impact of science-finance development on the R&D investment of firms, by using listed companies as the sample. The results show that: There is a significant positive correlation between science-finance development and R&D investment of firms. The influence channel of science-finance development on the R&D investment of firms is innovation financial constrains releasing, product market competition effect and non innovation financing effect. The R&D investment motivation effect of science-finance development is more obvious in firms with high R&D investment intensive.

摘要: 文章运用沪深A股上市公司样本数据,对地区科技金融发展对于企业研发投入的影响效应、作用渠道及其企业异质性特征进行实证分析,研究发现:科技金融发展对企业研发投入具有显著的正向激励效应;科技金融发展对于企业研发投入的影响存在研发融资约束缓解效应、产品市场竞争效应以及非融资渠道效应等作用渠道;与低研发投入企业相比,科技金融发展对于高研发投入企业的研发投入具有更强的激励效应,且在传递渠道上,两类企业也存在明显差异。