金融错配、结构性研发投资短缺与企业绩效--基于工业企业大样本面板数据分析

摘要

This paper verifies that financial misallocation can affect firm performance both directly and indirect‐ly ,based on panel data model and the data of industrial firms from 2005 to 2007 .Directly ,financial misalloca‐tion increases financing costs of private enterprises and the enterprises that are at a middle and low level of R&D intensity ,and brings about the decline of performance for one‐year lagged and two‐year lagged firms .In‐directly ,financial misallocation releases distorted price of assets ,leading to structural shortage of R&D invest‐ment .Meanwhile ,there is R&D investment shortage in firms ranking the top 25% of R&D intensity .Those firms are confined to low level sections that are labor‐intensive or need simple technology ,w hich curbs firms’ demand for technology innovation .As a consequence ,the gap is increasingly larger on R&D capabilities and the firm performance becomes poorer than that of state‐ow ned enterprises and the enterprises of high level of R&D intensity .Moreover ,industrial structure upgrade lacks internal support .%用面板数据模型和进行研发活动的工业企业数据，验证了金融错配通过直接和间接两种途径影响企业绩效。从直接影响看，金融错配导致民营企业、研发强度中、低水平的企业融资成本增加，当期、滞后一期与滞后二期的企业绩效下降；从间接影响看，金融错配释放扭曲的资产价格，导致结构性研发投资短缺，民营企业相对国有企业、按研发强度排序中高水平企业相对强度最高的25％的企业研发投资缺乏，这些企业当期被锁定在劳动密集型或工艺简单的低端环节，并由此遏制企业对技术创新的需求，与国有企业、研发强度最高的少数企业在研发能力上的差距越来越大、企业绩效越来越低，产业结构升级缺乏内在支撑。