商业信用融资对企业研发投入强度的影响

研发活动的高风险特征决定其必然受到融资约束。商业信用作为企业短期融资方式，是否影响研发投入？以我国2009-2016年创业板上市公司为样本，探讨商业信用融资对研发投入的影响及产权性质在其中的作用。实证研究发现：企业获得的商业信用越多，越不利于提高研发投入强度。商业信用带来的短期偿债压力会抑制企业研发投入；商业信用融资对民营企业研发投入强度的抑制作用更加明显。结论表明，商业信用融资对企业研发投入主要表现为偿债压力带来的风险效应，而不是融资支持，对民营企业的风险效应更为显著。在金融市场不完善情况下，短期融资难以支持企业长期投资，因而政府需要通过完善金融市场、缓解民营企业融资约束，降低短期负债偿债压力对企业研发活动带来的不利影响。

The Impact of Trade Credit Financing on R&D Investment Intensity of Enterprise

The high risk feature of Research and Development (R&D) activities indicates that it will face financing constraints. Does the trade credit short term financing affect R&D investment? This article takes China's 2009 to 2016 GEM listed companies as a sample to discuss the impact of trade credit financing on R&D and the role of property rights. The result shows that: the more trade credit a company receives, the lower its investment in R&D. The short term solvency pressure brought by trade credit financing can inhibit the R&D investment of the enterprise; the inhibition of trade credit financing on R&D investment intensity is more obvious in private enterprises. This paper shows that trade credit financing mainly shows the risk effect of the debt repayment pressure to R&D, rather than the financing support, especially for private enterprises. In the absence of perfect financial market, short term financing cannot support long term investment. The government needs to alleviate the financing constraints of private enterprises and improve the financial market to reduce the negative impact of the short term debt repayment pressure on the R&D activities of enterprises.