法治环境、融资约束和企业研发投入

Rule of Law, Financing Constraint and Enterprises' R&D Investment

中文关键词:  法治环境  融资约束  企业研发投入  公司治理  产权保护  法与金融

英文关键词:rule of law  financing constraint  enterprises' R&D investment  corporate governance  property right protection  law and finance

中文摘要:

      创新是引领发展的第一动力,研发投入则是提升创新能力的必要条件。在我国推进全面依法治国的战略背景下,探索宏观制度环境与研发投入的关系具有重要意义。以2008—2019年A股上市公司为研究对象,实证检验了法治环境以及融资约束对企业研发投入的影响。研究发现:良好的法治环境能够促进企业研发投入,融资约束会抑制企业研发投入；良好的法治环境能够缓解融资约束对企业研发投入的负向影响。进一步研究表明,法治环境和融资约束对企业研发投入的上述影响以及法治环境缓解融资约束对企业研发投入的抑制效果,主要体现在探索式研发中。并且,法治环境的正向调节效应在非国有企业、制造业企业和东部地区企业中更加显著。因此,应深入推进简政放权和金融法治化改革,它有助于破除企业研发投入面临的融资约束,进而激发市场主体创新活力和潜力。

英文摘要:

      Innovation is the primary driving force of development, and R&D investment is necessary for the improvement of innovation capability. Against the background of law-based governance in all respects, it becomes more meaningful than ever to explore the relationship between institutional environment and R&D investment. With A-share listed firms from 2008 to 2019 as research objects, this paper empirically tests the influence of rule of law and financing constraint on enterprises' R&D investment. The findings suggest that upholding rule of law can encourage enterprises' R&D investment, while financing constraint will inhibit it. Sound law-based environment can cushion the negative impacts of financing constraint on enterprises' R&D investment. Further study shows that such impacts mentioned above are chiefly manifested in exploratory R&D. In addition, the positive regulation role of rule of law is more pronounced in non-state-owned enterprises, manufacturers and enterprises in the eastern region of China. Therefore, it becomes necessary to further stream administration and delegate power, as well as introducing law-based financial reform. This will contribute to removing financing constraints and unleashing market innovation vitality and potential.