债务融资能够在研发活动中发挥治理作用吗？

摘要

以2009－2012年创业板制造业上市公司为研究对象，使用发明专利授权数衡量企业研发活动产出，通过研究债务融资对研发产出和研发投入强度之间关系的影响，探讨了债务融资在研发活动中发挥的治理作用。研究发现：（1）滞后一期的研发投入强度越大，企业获得发明专利授权数越多；（2）企业总体债务融资水平对发明专利授权数和研发投入之间关系存在显著正向调节作用；（3）相比长期负债，短期债务融资产生的正向调节作用更强。研究结果支持了债务缓解代理问题这一理论，还进一步揭示出短期债务能够更加有效缓解代理问题。%Focusing on the ChiNext listed firms of manufacturing industry from 2009 to 2012,we investigated the gov-ernance role of debt financing in R&D activities through analyzing its impact on the relationship between R&D input and output,which is measured by the quantity of authorized invention patents.The results showed that:(1 )the more the first -lagged R&D input is,the more the authorized invention patents will be;(2)the total debt level has a significant moderating effect on the relationship between the quantity of authorized invention patents and the R&D input.Compared with that of the long -term debt,the moderating effect of short -term debt is stronger.The results supported the theory that debt financing can mitigate agency problems and also indicate that shot -term debt can be more efficient.