融资结构、企业异质性与研发投资——来自中国上市公司的经验证据

摘要

Using a panel dataset of China's listed firms from 2007 to 2015, this paper empirically stud-ies the relationship between firm's financial structure and R&D investment.This paper finds as follows:First, R&D investment intensity will be higher if the firm uses more equity finance.Second, there is an optimal financial structure facilitating R&D investments.Third, the existence and magnitude of the opti-mal financial structure are subject to firm's heterogeneity.Our findings will not only deepen our under-standing of the relationship between financial structure and R&D investment, but also provide policymak-ers with evidences from micro firms in policymaking to optimize macro financial structure.%企业融资结构影响研发投资强度吗?是否存在能促进企业研发投资强度提升的最优融资结构?对不同类型的企业而言,最优融资结构是否存在差异呢?本文运用中国上市公司2007—2015年的面板数据进行实证研究,结果表明:(1)企业越偏向于股权融资,研发投资强度就越高;(2)存在有利于促进研发投资强度提升的最优融资结构;(3)企业的最优融资结构随企业所属的产业性质、股权集中程度、银企关系强度及所有权性质的不同而呈现显著的差异.本文的研究发现有助深入理解融资结构与研发投资的关系,也为决策者制定宏观金融结构优化政策提供了来自微观企业层面的证据.