| 产融结合对企业不同类型研发投资影响研究 |
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| 引用本文： | 王昱,夏君诺,王晓娜.产融结合对企业不同类型研发投资影响研究[J].科研管理,2022,43(2):118-125. |
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| 作者姓名： | 王昱 夏君诺 王晓娜 |
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| 作者单位： | 大连理工大学商学院，辽宁 大连116024 |
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| 基金项目： | 国家社会科学基金项目：“互联网金融发展下金融部门与企业R&D投资的技术选择协同机制研究”(19CJL032,2019.07—2022.12)； |
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| 摘 要： | 推动企业高质量发展与金融业深度融合过程中对不同类型研发投资有何影响？本文使用制造业上市公司2008—2018年微观数据作为研究样本，运用非参数分位数模型探究了产融结合对不同类型研发投资的非线性异质影响。研究发现:（1）产融结合对不同研发投资存在非线性效应，对研究阶段投资表现出显著抑制效应，而对试验开发阶段投资呈现出“N型”影响特征；（2）产融结合对不同类型研发投资具有异质影响。随着分位点提高，其对研究阶段抑制效果更明显，对试验开发促进效果不断加强，但存在最优界限；（3）随着产融结合程度加深，其对国有企业研究阶段投资具有明显挤出效应，而对开发阶段促进效果显著；相反，能够提高非国有企业研究阶段投资水平，而不利于其试验开发阶段投资。本文研究结果表明，中国制造企业通过产融结合进行外源融资时，应充分考虑不同研发类型，选择与自身创新能力相适应的产融结合水平，为达到提升研发投资目标提供决策依据。
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| 关 键 词： | 产融结合 研究阶段 试验开发阶段 非线性异质效应 |
| 收稿时间： | 2019-04-04 |
| 修稿时间： | 2019-09-16 |
The research on the impact of financial-industrial on corporate different types of R&D investment |
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| Wang Yu,Xia Junnuo,Wang Xiaona.The research on the impact of financial-industrial on corporate different types of R&D investment[J].Science Research Management,2022,43(2):118-125. |
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| Authors: | Wang Yu Xia Junnuo Wang Xiaona |
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| Institution: | School of Business, Dalian University of Technology, Dalian 116024, Liaoning, China; |
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| Abstract: | Enterprise R&D activities are usually divided into three types: basic research, applied research and experimental development research. Among them, basic research and applied research can enhance the core competitiveness and future profitability of enterprises, as well as the main way of national scientific development and technological progress, and experimental development research directly transforms scientific research achievements into new products or applications, producing economic benefits. In contrast, the exploratory research in the basic and application stages has obvious public goods attributes, which has a serious mismatch between private benefits and costs. Moreover, the promotion of total factor productivity of enterprises in the current period is not as good as experimental development investment. Therefore, listed manufacturing enterprises are more willing to invest their capital in the experimental development stage with short R&D cycle and high profit monopoly, which results in serious shortage of investment intensity in basic research and applied research for listed manufacturing enterprises in China.
What is the impact of promoting high-quality development of the manufacturing industry and deep integration of the financial industry on different types of R&D investment? Based on the non-parametric quantile model, this paper makes use of the micro-data of manufacturing listed companies during 2008 and 2018 as research samples to explore the nonlinear and heterogeneous impact of financial-industrial integration on different types of R&D investment.
And the results are as follows: (1) The impact of financial-industrial integration on different R&D investment represents nonlinear effects, and shows a significant depression effect on the investment in the research stage, while it represents a "N-shaped" nonlinear characteristic on the investment in the experimental development stage. (2) Financial-industrial integration on different types of R&D investment has heterogeneous impact. With the increase of the quantiles, the depression effect on research stage is more obvious, and the promotion effect on experimental development is strengthened continuously, which has an optimal boundary. (3) With the deepening of financial-industrial integration, state-owned enterprises has obvious crowding out effect on R&D investment at the research stage, but it has a promotion effect on R&D investment at the experimental development stage. What′s more, financial-industrial integration of non-state-owned enterprises can improve their R&D level in the research stage, but it is not conducive to the investment of non-state-owned enterprises in the experimental development stage. (4) Generally speaking, the integration of industry and finance has obvious depression effect on R (the intensity of research stage), and obvious promotion effect on D (the intensity of experimental development), and the optimal combination level of industry and finance in research stage is lower than that in experimental development stage. That is to say, the optimal level of financial-industrial integration in the research stage occurs at a lower level of integration between industry and finance, while the optimal level in the experimental development stage occurs at a higher level of integration between industry and finance. The research in this paper shows that when Chinese listed manufacturing enterprises conduct external financing through the way of financial-industrial integration, they should think over different types of R&D investment, and choose a reasonable degree and way of financial-industrial integration which can adapt to their own innovation ability, so as to provide decision-making basis for improving the R&D investment intensity by selecting reasonable external financing methods. |
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| Keywords: | financial-industrial integration research stage experimental development stage nonlinear heterogeneous effect |
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