融资约束、代理成本与企业研发效率--基于中国工业上市公司的实证研究

摘要

In this paper, we aim to study the effect of financial constraints and agency costs on firm R&D efficiency. We use the China's industrial listed companies which disclosed R&D expenses in 2004 ~ 2012 as the sample, and then by the method of stochastic frontier analysis draw the following conclusions:there is a significantly positive financial constraints effect on R&D efficiency;the correlation between agency costs and R&D efficiency is significantly negative; financial constraints have an effect that easing the negative effect of agency costs on firm R&D efficiency. In addition, the empirical results also show that the R&D of state-owned enterprises is less efficient than non-state-owned enterprises, and firm R&D did not have scale effect as the R&D intensity increasing.%本文以2004~2012年我国工业上市公司中已披露研发费用的企业为样本，采用随机前沿分析方法研究融资约束和代理成本对企业研发效率的影响，主要得出以下结论：融资约束对企业研发效率有显著的正向影响；而代理成本与企业研发效率之间呈现出显著的负向关系；企业的融资约束可以缓解代理成本对企业研发效率的负向作用。此外，本文的实证结果还表明，国有控股企业的研发效率低于非国有控股企业的研发效率，而且企业研发并没有随着研发强度的提高而产生规模效应。