摘要
随着全球化的深入，较大的技术竞争压力使得企业对技术创新的需求越来越迫切。企业创新能力的培养需要以R&D为基础，因此，企业对R&D所投入的资金是决定企业创新能力的重要资源，也是衡量企业创新能力和技术实力的重要指标。然而，从我国企业的实际情况来看，企业的R&D投入偏低。目前，国内学者一般基于委托代理理论、企业基础资源理论、高层梯队理论等理论从不同的角度对我国企业R&D投入不足的原因进行了大量的研究，很少有人关注企业R&D投资的融资问题。由于企业R&D投资受提供资金的融资渠道的影响，因此，R&D融资问题也是制约企业R&D投资的主要因素。尽管R&D在经济增长中发挥了重要角色并且对融资有较高的敏感性，但现实中大量的研究考察固定投资的融资约束问题，很少有文献关注企业R&D投资的融资约束问题。
本文利用我国沪深两市2007-2011年非金融类上市公司的面板数据和动态面板GMM估计方法，首先考察了我国上市公司R&D投资的融资约束问题，并考虑了企业产权性质和成长阶段的融资约束差异。实证结果显示，上市公司的R&D投资与现金流存在显著的正相关关系，表明我国上市公司R&D投资普遍存在融资约束现象；不同所有权的上市公司R&D融资约束的存在显著差异，民营上市公司R&D投资受到的融资约束比国有上市公司大；不同成长阶段的上市公司R&D融资约束也存在显著差异，相比于成熟期公司，成长期公司受到的融资约束更为强烈。
接着本文检验了公司治理对上市公司R&D融资约束的缓解效应。其中，公司治理主要检验了董事会治理（董事会规模和独立董事比例）和机构投资者持股是否能够缓解企业R&D面临的融资约束。实证结果表明，我国上市公司董事会规模并没有降低企业R&D投资对内部现金流的依赖，也即董事会规模的提高不能缓解企业R&D面临的融资约束问题；而独立董事比例的提高显著降低了企业R&D投资对内部现金流的依赖，也即独立董事显著缓解了企业R&D面临的融资约束。上市公司独立董事比例越高，其R&D投资面临的融资约束越小；我国上市公司中机构投资者持股比例的提高显著降低了企业R&D投资对内部现金流的依赖，也即机构投资持股显著缓解了企业R&D面临的融资约束。机构投资持股比例较高的企业，其R&D面临的融资约束较小。
最后，本文检验了金融发展对企业R&D融资约束的缓解效应，并考察了企业产权性质和成长阶段对这种缓解效应的影响。实证结果表明，金融发展显著缓解了上市公司R&D投资受到的融资约束，金融发展水平较高的地区，上市公司R&D投资受到的融资约束越小；金融发展对不同所有权的上市公司R&D融资约束的影响存在显著差异，金融发展可以显著缓解民营上市公司R&D受到的融资约束，而对国有上市公司没有发挥作用；金融发展对不同成长阶段的上市公司R&D融资约束的影响存在显著差异，金融发展对成长期公司R&D融资约束的缓解作用非常显著，但对成熟期上市公司R&D活动的作用并不明显。
With the development of the globalization, the larger pressure of competition makesenterprises urgent demand for technology innovation more and more increase, and theenterprise also realized the important of the technology innovation for enterprise surviveand development. The enterprise innovation ability should be based on the R&D, so, thefund that firm invested to R&D determine technology innovation ability of the firm, andalso become an important indicator to measure enterprise innovation ability and technicalstrength.. However, the fund that the firm invests to R&D is very low in fact. Now, theChinese scholars generally research the insufficient reason of corporate R&D investmentfrom different angles, including principal-agent theory, corporate resources theory, upperechelons theory review and so on. Unfortunately, few people pay attention to the financingproblems of the corporate R&D investment. Because the financing channel of theproviding fund has an impact on corporate R&D investment, so, the financing problem ofthe R&D are the main factors to restricting corporate R&D investment. Although R&Dplays an important role in economic growth and has a higher sensitivity to the financing,the studies are more focus on the financing constraints for physical investments, and onlya few literatures pay attention to the financing problem of R&D investment.
Using the panel data from2007to2011of Chinese non-financial listed companies,this paper conducts a dynamic panel GMM to study the financing constraints in R&Dinvestment and compare the difference of R&D financing constraints in firms withdifferent ownership and different life stage. The empirical study show there is a significantpositive relationship between R&D investment and cash flow, which means there hasobvious financing constraints phenomenon in R&D Investment of Chinese listedcompanies. Further studies show that list companies with different ownership havesignificant differences in the financing constraints for R&D investments, and the financingconstraints for R&D investments in private listed companies are bigger than thestate-owned listed companies. In addition, list companies with different life stage havesignificant differences in the financing constraints for R&D investments, and the financingconstraints for R&D investments in mature listed companies are stronger than the state-owned listed companies.
Then this paper tests the mitigation effect of corporate governance on R&D financingconstraints. Among the corporate governance, this paper mainly examine whether boardgovernance (including board size and the ration of independent directors) and institutionalinvestors holding can relieve the financing constraints for R&D. the empirical show thatThe board size of Chinese listed companies do not reduce the dependence of the R&Dinvestments on internal cash flow, which means that the improvement of the board sizecan not relieve the financing constraints for R&D investments. However, increasing theratio of the independent directors can reduce the reliance of R&D investment on internalcash flow, which shows that the independent directors can significantly relieve thefinancing constraints for R&D investments. The results show the higher the ratio ofindependent directors in the listed companies, the lower the financing constraints for R&Dinvestments. In addition, the improvement of the shareholding of institutional investorsreduces the reliance of R&D investments on internal cash flow significantly, whichindicates that the shareholdings of institutional investors relieve the financing constraintsfor R&D investments. In other words, the higher the shareholding of institutional investorholds, the lower the financing constraints for R&D investment.
At last, this paper further tests the mitigation effect of financial development on R&Dfinancing constraints. What is more, this paper also compares the impact of ownership andlife stage on this mitigation effects. The results show that financial development relievesthe financing constraints for R&D investments of Chinese listed companies. Thecompanies in the areas with lower level of financial development have a higher financingconstrains for R&D investment than the companies in the areas with higher level offinancial development. There is a significant difference of the impact of financialdevelopment on financial constraints for R&D investments in firms with differentownership, and the financial development do reduce the financing constraints for R&Dinvestments in private companies, but this reduction does not exists in the state-ownedcompanies. There is a significant difference of the impact of financial development onfinancial constraints for R&D investments in firms with different life stage, and thefinancial development do reduce the financing constraints for R&D investments in youngcompanies, but this reduction does not exist in the mature companies.
引文
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