动态风险视域下商业信用融资与研发投资逻辑关系

实施创新驱动发展战略、实现经济高质量发展，是构建现代化战略体系的内在要求。基于2010-2018年A股上市公司经验数据，深入探究商业信用融资对研发投资的作用机理。结果表明：商业信用融资与研发投资呈倒U型关系，企业风险动态变化在其中发挥部分中介作用。而且，在供应商集中度高的企业中，商业信用融资对研发投资的影响更加显著，供应商集中度有助于增强企业风险的中介效应。商业信用融资对企业创新能力和双维绩效的影响存在最优阈值。

The Logical Relationship between Trade Credit and R&D Investment:Based on Dynamic Risk

The implementation of innovation driven and high-quality economic development are the inherent requirements of implementing the modern strategic system. Based on the empirical data of A-share listed companies from 2010 to 2018, this paper tests the mechanism of trade credit on R&D investment. The results show that: the relationship between trade credit and R&D investment is inverted U-shaped, and the dynamic changes of enterprise risk play a part of intermediary effect in the process of trade credit influencing R&D investment. Further research shows that the impact of trade credit on R&D investment is more significant in enterprises with high supplier concentration, and supplier concentration enhances the intermediary effect firm risk. There is also an optimal threshold for the impact of trade credit on innovation capability and two-dimensional performance.