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本文利用2012年世界银行关于中国企业运营的制度环境质量调查数据,旨在从实证角度探究法制环境、信贷配给与企业研发投入之间的关系。研究发现,信贷配给显著弱化了企业研发投资的概率和研发投入强度,平均而言,与没有遭受信贷配给的企业相比,遭受信贷配给的企业致力于研发投资活动的概率会显著降低23.42%,而法制环境的改善有助于激发企业研发投入动机,并强化企业研发投入强度,具体而言,法制环境从平均值开始的边际改善会使得企业致力于研发投资活动的概率提高6.88%。研究还发现,随着法制环境的不断改善,信贷配给对企业研发投入行为的负面影响会逐渐弱化。上述结论意味着,现阶段改善法制环境、弱化金融机构信贷配给行为对于推动企业创新和促进中国经济转型升级具有重要的现实意义。
This article uses the 2012 World Bank survey data on the institutional environment quality of Chinese enterprises in order to explore the relationship between the legal environment, credit rationing and R & D investment from an empirical perspective. The study found that credit rationing significantly weakened the probability of R & D investment and R & D investment intensity. On average, the probability of credit rationing firms devoted to R & D investment activities decreased significantly by 23.42% compared with those without credit rationing, The improvement of the legal environment helps to stimulate the R & D investment motivation and enhance the R & D investment intensity. Specifically, the marginal improvement of the legal environment starting from the average value will increase the probability of enterprises investing in R & D activities by 6.88%. The study also found that with the continuous improvement of the legal environment, the negative impact of credit rationing on corporate R & D investment will be gradually weakened. The above conclusion means that at this stage, improving the legal environment and weakening the credit rationing of financial institutions are of great practical significance for promoting enterprise innovation and promoting China’s economic restructuring and upgrading.