债务期限结构与民营企业研发投资——基于银企关联的视角

民营制造业拥有较强的创新热情和创新能力,但同时也面临着严重的融资约束和信贷歧视.基于此,本文采用A股民营制造业上市公司数据,从银企关联的视角实证检验了不同期限结构的融资性负债对企业研发投资的影响.研究发现:银企关联的存在明显削弱了短期、长期负债对于研发投资的约束,且对长期融资性负债的作用更为显著;进一步区分银企关联结构的检验发现,相对于高管关联,持股关联在其中的作用更显著,且对于小型公司、高科技公司及金融生态环境较差地区公司的影响更大.特别地,我们还发现建立持股关联的小型公司、高科技公司,其短期负债的约束作用同样被显著削弱.本文的研究结论更加深入地阐释了银企关联在中国民营企业创新中的重要作用,为这种非正式制度对市场化的替代作用及其合理性提供了证据支持,并丰富了金融发展、融资约束与企业创新领域的研究视角及相关文献.

Debt maturity structure and private manufacturing R&D investment:Based on the perspective of the banks-firm relationship

Using the data of manufacturing private listed companies from 2008 to 2015 with the new perspective of banking connection structure, this paper studies the influence of financing debts on R&D investment. The empirical results show that the banking connection can promote companies' R&D investment and ease the predicament of enterprise's debt financing, which is more remarkable in long-term financing debt. Besides, enterprises with holdings relationship is more significant compared with that executives' relationship exists in our further research. And the impact is greater on companies that are small-sized, high-tech and in the worse financial ecological environment regional. In particular, we also find that the short-term financing debts also exist R&D governance role on small companies and high-tech companies with holdings relationship. This paper explains the important influence of banking connecting which made on private manufacturing companies' innovation.