摘要
结合财务柔性这一特殊视角,分析了区域金融发展和企业财务柔性对中小企业研发投入的直接及间接作用机理,并运用HLM模型,以我国30个省(市、自治区)592家中小企业板上市公司为样本进行了实证分析。计算结果支持研究假设:首先,企业层面财务柔性对研发投入具有直接的正向影响;其次,区域层面金融发展、金融机构发展水平和资本市场发展水平不但能够直接促进企业研发投入的提升,还作为调节变量,促进了财务柔性对企业研发投入的正向作用;同时,区域金融结构指数越大,即资本市场融资所占比例越高,金融发展对研发投入的直接和间接调节作用效果越显著。
As China′s economic development mode gradually shifts from element-driven and investment-scale-driven to innovation-driven,the growth of SMEs is also increasingly dependent on the improvement of independent innovation capabilities.R&D activities and corresponding financial support are important guarantees for enhancing independent innovation capabilities,but currently SMEs are facing greater constraints in R&D investment.Higher financial flexibility can improve the ability of enterprises to respond to uncertain risks such as financial crises,enhance their financing capabilities,and help to ensure the stability of the R&D investment flow of enterprises.Based on this,combining with the unique perspective of financial flexibility,this paper analyses the direct and indirect mechanisms of financial development and financial flexibility for SME R&D investment,and use the HLM and the data of 592 SME listed companies in Chinese 30 provinces to conduct the empirical analysis.The results support the research hypotheses that:firstly,financial flexibility has a direct positive influence on R&D investment;secondly,regional financial development,financial institutions development level and capital market development level can directly boost R&D investment;thirdly,regional financial development,financial institutions development level and capital market development level can also promote a positive effect between financial flexibility and R&D investment as a control variable;Meanwhile the greater regional financial structure index,that is,the higher proportion of capital market financing,the more significant the direct and indirect effects of financial development on R&D investment.Based on the conclusions above,this article proposes the following countermeasures and suggestions for increasing the R&D investment of China′s SMEs from the enterprise level and the regional level:firstly,enterprises should do a good job of integrating financial resources and enhance their financial flexibility from the aspects of system and financial resource utilization;secondly,the government should encourage the establishment of local SME financial service institutions;thirdly,in view of the fact that capital market financing is more conducive to R&D investment of SMEs,the CSRC should continue to improve the multi-level capital market system,promote financial restructuring,provide richer financing channels for SMEs direct financing,and promote the increase of R&D investment.
作者
张倩
张玉喜
Zhang Qian;Zhang Yuxi(School of Economics and Management,Harbin Engineering University,Harbin 150001,Heilongjiang,China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2020年第7期79-88,共10页
Science Research Management
基金
国家社会科学基金资助项目(16BGL043,2016.06.30-2019.12.30)。
关键词
区域
金融发展
财务柔性
研发投入
中小企业
regional
financial development
financial flexibility
R&D investment
SME
