商业研究

商业研究

• 产业经济 • 上一篇    下一篇

产业间技术溢出、经济外部性与融资约束 ——基于中国制造业上市公司面板数据的实证研究

杨怀东，尹珍，王志平   

  1. （中南大学 商学院，长沙 410083）
  • 收稿日期:2017-07-04 出版日期:2017-12-20
  • 作者简介:杨怀东（1968-），男，沈阳人，中南大学商学院副教授，研究方向：金融结构优化与金融发展；尹珍（1992-），女，湖南邵阳人，中南大学商学院硕士研究生，研究方向：金融结构优化与金融发展；王志平（1989-），男，湖南湘乡人，中南大学商学院博士研究生，研究方向：资源政策、产业经济。
  • 基金资助:
    教育部人文社会科学研究规划基金项目，项目编号：13YJA790133。

Inter-industry Technology Spillover,Economic Externality and Financial Constraint: An Empirical Study based on Panel Data of Listed Companies in China′s Manufacturing Industry

YANG Huai-dong,YIN Zhen,WANG Zhi-ping   

  1. (Business School，Central South University，Changsha 410083,China)
  • Received:2017-07-04 Online:2017-12-20

摘要： 研发利益主体在进行R&D投资时不可避免地会产生一定程度的技术溢出效应。本文以Almeida模型为基础，利用中国制造业上市公司2010-2015年的面板数据，从经济外部性的角度分析产业间技术溢出对研发企业融资约束的影响。实证结果显示，随着产业间技术溢出程度的增加，企业利用内部现金流积累现金的倾向增强，表现为现金-现金流敏感性增加，融资约束加剧；资产规模越小，产业间技术溢出对其融资约束正向影响越显著。上述结论为国家对产生外部性的企业给予适当补偿提供了政策依据。

关键词: 融资约束, 现金-现金流敏感性, 产业间技术溢出, 经济外部性

Abstract: R&D investment operated by research and development stakeholders will inevitably result in a certain degree of technical spillover effect. In terms of economic externality and based on Almeida Model, the paper analyzes the inter-industry technology spillover′s influence on financial constraint from the perspective of economic externality, which is based on panel data of China′s manufacturing listed companies from 2010 to 2015. The empirical results show that the higher degree of R&D spillover, the higher trend that enterprises accumulate cash with internal cash flow, with the performance of cash - cash flow sensitivity enhancement and financial constraint aggravation; the less assets, the stronger positive impact that R&D spillover would have on financial constraint. The above conclusions provide the policy basis for the government to give appropriate compensation to the enterprises that produce externalities.

Key words: financial constraint, the cash-cash flow sensitivity, inter-industry technology spillover, economic externality