不同来源金融资本对企业研发投入的影响研究

以中小板上市公司为样本，就不同来源金融资本对企业研发投入的影响进行了理论分析与实证检验。结果发现：①内源融资与企业研发投入正相关，高成长性企业表现尤为显著；②政府补助与企业研发投入正相关，资产负债率与企业研发投入负相关，且资产负债率负向调节政府补助与企业研发投入的正相关关系。企业应适度控制债权融资水平，提高企业研发投入动机，并有效发挥政府补助对研发投入的积极作用；③风险投资、外商直接投资与机构投资者对企业研发投入的影响不显著。

The Influence of Different Sources of Financial Capital on Enterprise's R & D Investment---The Empirical Data Based on Small and Medium-sized Listed Companies

Taking small and medium sized listing companies as sample ,the paper does theoretical analysis and empirical test of the influence of financial capital on the R&D investment .Firstly ,internal financing is positively related to R&D invest‐ment ,especially for those companies with high growth .Secondly ,governmental subsides is positively related to R&D in‐vestment ,while debt financing is negatively related to R&D investment ,debt financing negatively adjust the positively re‐lationship betw een government subsidies and R&D investment .Companies should control debt financing so as to improve the motivation for R&D investment ,and fulfill the function of government subsidies effectively .Thirdly ,venture capital , foreign direct investment as well as the institutional investors have no significant impact on R&D investment .