定向增发能够提高研发支出水平吗

选择2006-2016年我国上市公司定向增发样本数据，采用系统GMM和OLS回归方法，实证检验定向增发募集资金对研发支出的影响。结果表明：定向增发不仅降低当期研发支出水平，而且降低累计研发支出水平；不同频次的定向增发均会降低研发支出水平。最后，以大股东及其关联方为定向增发对象，仍然部分支持定向增发会降低研发支出水平的结论，为股权融资背景下提高上市公司研发支出水平的论点提供了新证据，同时也可为提高上市公司研发支出水平的制度改革提供参考。

Does Private Placement Increase R&D Expenditure?

This paper uses the Chinese listed firm data between 2006 and 2016 to empirically test the impact of private placement on R&D expenditure by system GMM and OLS methods. The results in the paper show that private placement declines not only current R&D expenditure, but also cumulative R&D expenditure, and different frequent private placements also decline R&D expenditure. At last, lager shareholders and their related parties as object of private placement to further be examined, but here partial evidences to still support the conclusions that private placements also decline R&D expenditure. These conclusions provide new evidence for improving R&D expenditure under the background of equity financing, and references for institutional reform to increase R&D expenditure in Chinese listed companies.