【摘要】 本文以2009～2019年沪深A股高新技术企业为样本,从产权异质角度实证研究高新技术企业金融化行为对研发投资的影响及融资约束的调节效应。结果表明:金融化行为对高新技术企业研发投资具有显著的抑制效应,融资约束会强化这种抑制效应;异质性研究显示,金融化对研发投资的抑制效应在非国有企业中表现更加显著,融资约束所呈现的正向调节作用却在国有企业中更加显著。更多还原

【Abstract】 From the perspective of ownership heterogeneity,this paper empirically tests the impact of financialization behaviors of high-tech enterprises on R&D investment and the moderating effect of financing constraints by using the data of A-share high-tech enterprises from 2009 to 2019. It is found that financialization has the significant inhibitory effect on R&D investment and Financing constraints can strengthen the effect in high-tech enterprises. Heterogeneity analysis shows that the inhibitory effect is more significant in non-state-owned enterprises,but the positive adjustment effect is more significant in state-owned enterprises.更多还原