论文部分内容阅读
基于中国制造业企业的横截面数据,文章使用probit和ivprobit模型对进出口贸易对企业R&D投资的影响进行了实证研究。计量结果表明,第一,企业进出口贸易明显“挤出”了R&D投资,出口和原料进口密集度越高的企业参与R&D投资意愿越低;第二,出口对R&D投资的“挤出效应”在原料进口密集度越高的企业表现越明显,“两头在外,大进大出”的贸易方式不利于研发行为的发生。第三,在不完全资本市场,出口通过恶化企业融资约束进一步抑制企业的R&D参与,而进口的效应不明显。另外,规模越大、年龄越小、利润率越高、资本密集度越高的企业越倾向进行R&D投资。但产能利用率、市场信息获取程度等不是影响企业R&D决策的关键变量。
Based on the cross-sectional data of Chinese manufacturing enterprises, this paper uses probit and ivprobit models to study the impact of import and export trade on corporate R & D investment. The measurement results show that, firstly, the enterprises' import and export trade is obviously “squeezed out”, the lower the willingness of R & D investment, the higher the willingness of enterprises for export and raw material imports to participate in R & D investment; and the second is the “squeeze” of exports on R & D investment Out of effect “In the more intensive the import of raw materials, the more obvious performance of enterprises, ” two ends out, big into big "way of trade is not conducive to the occurrence of research and development. Third, in incomplete capital markets, exports further inhibit R & D participation by deteriorating corporate financing constraints, while import effects are not obvious. In addition, the larger, the younger, the higher the profit margin, the more capital-intensive firms tend to invest in R & D. However, capacity utilization, access to market information and so on are not the key variables that affect the R & D decision-making of enterprises.