金融发展、企业特征与研发融资约束

基于2008-2014年沪深A股主板和中小企业板上市公司数据，实证研究金融发展能否缓解企业R&D融资约束、促进企业R&D投入，并进一步考察这种作用在规模、区域、所有权、行业等4种因素影响下的差异性。研究发现：金融发展能够显著缓解企业面临的R&D融资约束，并且这种缓解作用对小规模企业和民营企业更加明显；金融发展水平较高的东部地区能够在更大程度上促进企业研发投入，而中西部地区则未能有效刺激企业R&D支出；与高科技行业相比，非高科技行业能够从金融发展中获利更多，其R&D投入水平得到显著提高。

Financial Development,Firm Characteristics and R&D Financing Constraints

Based on the data of China's companies listed on Shanghai and Shenzhen A-share main board and the small and medium-sized enterprise board from 2008 to 2014, this paper conducts an empirical study of financial development whether to ease enterprises R&D financing constraints to promote enterprise R&D investment. To be more important, taking into account size, region, ownership, industry to investigates the differences under the influence of the four factors. The results show that: Financial development can significantly ease the R&D financing constraints faced by enterprises, and this mitigation effect on small scale enterprises and private enterprises is more obvious; Higher level of financial development in the eastern region to a greater extent to promote enterprises R&D investment, while the central and western regions have failed to effectively stimulate the R&D expenditure; Compared with the high-tech industry, non high-tech industry can benefit more from financial development, and the intensity of its investment in R&D is significantly increased.