自贸试验区建设、金融供给与企业研发投入
Pilot Free Trade Zone,Financial Supply and Enterprises'R&D Investment
焦永香 1徐芬 2杨宏恩1
作者信息
- 1. 北京工商大学经济学院,北京 100048
- 2. 北京工商大学经济学院,北京 100048;北京工商大学新商经研究院,北京 100048
- 折叠
摘要
将自由贸易试验区建设、金融供给纳入到企业研发投入决策模型中,推演其对企业研发投入的作用效果与路径机制,并运用2012-2020年的地区与上市企业层面的数据进行实证检验.研究发现:自贸试验区建设显著促进了企业研发投入,金融供给对此发挥了正向调节作用;且在以股票和债券为主的直接融资供给调节下,自贸试验区建设对企业研发投入的促进作用更强.机制检验结果显示,自贸试验区建设与金融供给协同推进能通过降低债权融资成本、提升外资企业集聚效应和降低市场竞争程度的方式促进企业研发投入,但不能通过降低股权融资成本和提升内资企业集聚效应促进企业研发投入.
Abstract
The construction of Pilot Free Trade Zones(FTZ)and financial supply are included in the decision-making model of enterpri-ses'R&D investment,and their impact and mechanism on enterprises'R&D investment are deduced.Empirical testing is conducted using regional and listed enterprise data from 2012 to 2020.The study finds that FTZ significantly promotes enterprises'R&D invest-ment,the financial supply plays a positive role in this,and under the regulation of direct financing supply,which mainly consists of stocks and bonds,the FTZ has a stronger promoting effect on R&D investment.The mechanism test results reveal that a coordinated im-plementation of FTZ construction and financial supply can promote enterprises'R&D investment by reducing debt financing costs,en-hancing the agglomeration effect of foreign enterprises,and reducing market competition,but cannot by reducing equity financing costs and enhancing the agglomeration effect of domestic enterprises.
关键词
自由贸易试验区/金融供给/企业研发投入/调节效应/中介效应Key words
Pilot Free Trade Zone/financial supply/enterprises'R&D investment/moderating effect/mediating effect引用本文复制引用
基金项目
国家自然科学基金(72003010)
国家社会科学基金(20BGJ036)
出版年
2024
NETL
NSTL
万方数据