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资本市场促进了高新技术企业研发投入吗——基于中国上市公司动态面板数据的证据
引用本文:夏冠军,陆根尧.资本市场促进了高新技术企业研发投入吗——基于中国上市公司动态面板数据的证据[J].科学学研究,2012,30(9):1370-1377.
作者姓名:夏冠军  陆根尧
作者单位:浙江理工大学经济管理学院,浙江杭州,310018
基金项目:国家自然科学基金面上资助项目,教育部人文社会科学基金项目
摘    要:企业研发投入需要大量资金长期持续性的投入,外部股权融资的获取是影响企业研发投入的关键因素。本文首先就资本市场对企业研发投入的影响进行了理论分析,然后基于中国高新技术上市公司动态面板数据,用系统GMM方法实证检验了外部股权融资对企业研发投入的影响。研究发现,资本市场提供的外部股权融资促进了高新技术上市公司的研发投入,并且这种正向影响对规模小的企业更为明显。因此,应鼓励研发密集型中小企业上市,以促进企业研发投入。

关 键 词:资本市场  外部股权融资  企业研发投入

Capital market, financial constraints and high- tech enterprises' R&D expenditure: evidence from China' listed firms dynamic panel data model with GMM estimation
XIA Guan-jun,LU Gen-yao.Capital market, financial constraints and high- tech enterprises' R&D expenditure: evidence from China' listed firms dynamic panel data model with GMM estimation[J].Studies in Science of Science,2012,30(9):1370-1377.
Authors:XIA Guan-jun  LU Gen-yao
Institution:(Institute of Finance,Zhejiang Sci-tech University,Hangzhou 310018,China)
Abstract:Due to requirement a massive and sustained influx of funding over a long period of time for Firms' R&D investment,external equity financing resource for firms' R&D investment is a key factor affecting.In this paper we at first theoretically analyses the impact of capital market on firms' R&D investment.Subsequently,Using the dynamic panel Data on China' high-tech listed firms with GMM Estimation;we empirically investigate external equity financing's influence on high-tech firms' R&D investment.The study finds that external equity financing offered by capital market has a positive effect on the firms' R&D investment,particularly for small firms.This article gives new empirical evidence for it and insights into the microcosmic mechanism of the effect of Chinese capital market on the real economy.
Keywords:capital market  external equity financing  firms' R&D investment
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