信贷融资、人力资本与我国企业的研发投入
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财经研究 2012 年 第 38 卷第 10 期, 页码：102 - 112
摘要
参考文献
摘要
文章运用世界银行对中国制造业企业的抽样调查数据,采用Heckman选择模型实证分析了信贷融资状态对企业研发力度和是否进行研发的影响。研究表明,我国制造业企业"未获得贷款"会显著降低企业研发概率,但一旦企业决定进行研发,企业研发投入力度则不受信贷融资状态的影响。进一步研究表明,企业自身的人力资本有利于提高企业的研发概率、缓解(但无法完全消除)信贷融资状态对企业研发概率的负面影响,但这种缓解作用仅存在于"总经理的学历提高至博士研究生"及"总经理的收入直接与企业绩效挂钩"这两方面。因此,若单纯依靠人力资本积累而不给予企业外部融资便利,仍难以有效提高我国企业的研发倾向。
关键词
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[2]Dakhi M,De Clercq D.Human capital,social capital,and innovation:A multi-countrystudy[J].Entrepreneurship&Regional Development,2004,16:107-128.
[3]Greenwald B,Stiglitz J E,Weiss A.Informational imperfections in the capital marketand macroeconomic fluctuations[J].American Economic Review,1984,74:194-199.
[4]Heckman J J.Sample selection bias as a specification error[J].Econometrica,1979,47:153-161.
[5]Howitt P,Aghion P.Capital accumulation and innovation as complementary factors inlong-run growth[J].Journal of Economic Growth,1998,3:111-130.
[6]Lucas R E.On the mechanics of economic development[J].Journal of Monetary Eco-nomics,1988,22:3-42.
[7]Mankiw N G,Romer D,Weil D N.A contribution to the empirics of economic growth[J].Quarterly Journal of Economics,1992,107:407-437.
[8]Myers S C,Majluf N J.Corporate financing and investment decisions when firms haveinformation that investors do not have[J].Journal of Financial Economics,1984,13:187-221.
[9]Romer P M.Human capital and growth:Theory and evidence[J].Carnegie-RochesterConference Series on Public Policy,1990,32:251-286.
[10]Schmidheiny K.Limited dependent variable models[Z].Lecture Notes in Microecono-metrics,University Pompeu Fabra,2007.
引用本文
邵敏. 信贷融资、人力资本与我国企业的研发投入[J]. 财经研究, 2012, 38(10): 102–112.
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