研发投入、风险投资与企业融资约束——基于中国制造业上市公司的实证分析

›› 2019, Vol. 31 ›› Issue (10): 110-123.

研发投入、风险投资与企业融资约束——基于中国制造业上市公司的实证分析

陈三可¹, 赵蓓²

1. 招商局集团博士后科研工作站, 深圳 518067;
2. 厦门大学管理学院, 厦门 361005

收稿日期:2017-02-16 出版日期:2019-10-28 发布日期:2019-11-05
通讯作者: 陈三可(通讯作者),招商局集团博士后科研工作站博士后,博士
作者简介:赵蓓,厦门大学管理学院教授,博士生导师,博士。
基金资助:
福建省社会科学规划项目（FJ2016B081）。

R&D Investment, Venture Capital and Financial Constraints: Evidence from the Listed Manufacturers in China

Chen Sanke¹, Zhao Bei²

1. China Merchants Group Postdoctoral Research Station, Shenzhen 518067;
2. School of Management, Xiamen University, Xiamen 361005

Received:2017-02-16 Online:2019-10-28 Published:2019-11-05

摘要/Abstract

摘要：

本研究以2008-2014年间我国A股上市的制造业企业为研究样本，探讨了研发投入对企业融资约束的影响，以及风险投资在二者关系中所起的调节作用。研究结果表明，风险投资能够通过积极的参与以及有效的监督降低被投资企业的信息不对称性，从而缓解被投资企业由于研发投入增加所带来的融资约束。此外，分别从企业所处产品市场环境、企业特征以及风险投资特征三个维度所做的分析进一步佐证了本研究所得出的主要结论。本文为风险投资提升企业研发创新水平的机制研究提供了另外一种分析视角。

关键词: 研发投入, 风险投资, 融资约束, 信息不对称

Abstract:

This paper investigates the association among R&D investment, venture capital and financial constraints by analyzing A-share listed manufacturers from 2008 to 2014. The empirical results show that venture capital could play a very important role in reducing the information asymmetry through active participation and effective supervision, thus easing the financial constraints caused by the increase of R&D investment. Furthermore, the main conclusion of this study is further verified by the analyses on the following three aspects:product and market environment, the enterprise characteristics and the venture capital features.

Key words: R&D investment, venture capital, financial constraints, information asymmetry

陈三可, 赵蓓. 研发投入、风险投资与企业融资约束——基于中国制造业上市公司的实证分析[J]. , 2019, 31(10): 110-123.

Chen Sanke, Zhao Bei. R&D Investment, Venture Capital and Financial Constraints: Evidence from the Listed Manufacturers in China[J]. , 2019, 31(10): 110-123.

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