摘要
本文利用中国新三板企业2011-2015年的面板数据，检验新三板企业的R＆D使用效率，并分析了影响R＆D投入强度的重要因素。研究表明，新三板企业R＆D投入的经济效率值得肯定，但无论是增发融资抑或是质押融资都没有起到对R＆D的支持效果，反而对其形成了明显的抑制作用。主要的原因在于，新三板企业的融资行为为企业的盲目扩张提供了契机，从而挤出了企业的R＆D投资。进一步的研究发现，制度环境的优化改善，能够合理引导企业融资行为对企业R＆D投资进行支持，并最终提高企业的运营绩效。
T to test the R his paper uses the panel data of China s NEEQ enterprise from 2011 to 2015 D efficiency of the NEEQ enterprise, and analyzes the important factors influencing the R ＆ D input intensity, The study shows that the economic efficiency of R ＆ D investment in the NEEQ enterprises is worthy of recognition, but neither the issuance financing nor the pledge financing does not play a supportive effect on R ＆ D, but it has obviously inhibited it. The main reason is that the NEEQ enterprise financing behavior for the blind expansion of the enterprise provides an opportunity to squeeze out the R ＆ D investment, Further research found that the optimization of the institutional environment to improve, to rationally guide corporate financing behavior to support corporate R ＆ D investment, and ultimately improve the operational performance of enterprises.
作者
张健
吴非
任玎
Zhang Jian;Wu Fei;Ren Ding
出处
《金融学季刊》
CSSCI
2018年第3期107-131,共25页
Quarterly Journal of Finance
基金
国家社会科学基金项目(16BJY172)
广东省哲学社会科学“十三五”规划一般项目(GD16CYJ09)
广东区域金融政策研究中心课题(2017—JDXM—01)的资助
关键词
新三板
R&D投资
融资行为
经济效率
制度校正
NEEQ
R ＆ D Investment
Financing Behavior
Economic Efficiency
System
Correction
