产融结合对企业研发投入的影响研究

摘要/Abstract

摘要： 随着金融市场投资收益高企，制造业企业在全球范围内不断突破主营业务向金融领域渗透和扩张，产融结合程度不断加深。本文选取2006—2018年国际微观制造业企业数据，基于B-样条展开的非参数分位数模型及条件概率密度函数，结合理论机理分析，探究了制造业企业产融结合对研发投入强度的非线性异质影响。研究发现：（1）企业产融结合带有不同类型国家宏观金融发展与创新投资之间关系的趋同特征。对于发达国家而言，企业产融结合影响研发投资主要表现为“U型”促进效应；对于发展中国家而言，则主要表现为“倒U型”挤出效应，且存在最优产融结合水平。（2）随着企业研发水平提升（对应分位点提高），发达国家产融结合水平的影响拐点向左偏移，而发展中国家的影响拐点向右偏移，同时研发投入强度对产融结合变化的敏感程度变大。（3）中高等研发密度的高科技企业产融结合主要表现为研发促进效应，中低等研发强度的非高科技企业则主要表现为研发挤出效应。借鉴本文研究，中国企业产融结合程度应与自身研发投入水平及宏观金融发展相适应，为通过选择合理产融结合水平达到提升研发投入目标提供决策依据。

关键词: 产融结合, 研发投入, 非线性异质影响, 非参数分位数面板

Abstract: The high investment return from financial market often motivates manufacturing enterprises to expand from their main businesses toward financial market in the global scope, resulting in a deepening financial-industrial integration. Based on the non-parametric quantile model for B-spline expansion and the conditional probability density function, this paper draws upon the micro-data of international manufacturing enterprises from 2006 to 2018 to analyze the relevant theoretical mechanism in order to reveal the nonlinear heterogeneous impact of financial-industrial integration on R&D investment. The results show that:(1) The financial-industrial integration of enterprises has the characteristics of convergence between the macro financial development and innovation investment in countries of different type. The impact of financial-industrial integration on R&D investment presents a "U-shaped" promotion effect for developed countries, while the impact for developing countries mainly manifests as an "inverted U-shaped" crowding out effect, and there is an optimal level of financial-industrial integration to enterprise R&D investment. (2) With the improvement of the R&D investment level (corresponding to the improvement of quantile), the inflection point of financial-industrial integration level in developed countries shifts to the left, while that of developing countries shifts to the right, and the intensity of R&D investment is more sensitive to the change of financial-industrial integration level. (3) The financial-industrial integration of medium and high R&D intensive high-tech enterprises mainly shows R&D promotion effect while the medium and low R&D intensive non high-tech enterprises show R&D crowding out effect. According to this research, the financial-industrial integration degree of Chinese enterprises should be adapted to their own R&D investment level and macro financial development, so as to provide decision-making basis for improving the R&D investment goal by selecting a reasonable integration level between industry and finance.

Key words: financial-industrial integration, R&D input, nonlinear heterogeneous effects, nonparametric quantile panel

王昱, 夏君诺, 刘思钰. 产融结合对企业研发投入的影响研究[J]. 管理评论, 2022, 34(5): 56-68.

Wang Yu, Xia Junnuo, Liu Siyu. The Impact of Financial-Industrial Integration on R&D Input of Enterprises[J]. Management Review, 2022, 34(5): 56-68.

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