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论文编号：	12577
作者编号：	2120192814
上传时间：	2021/6/16 11:04:54
中文题目：	商业信用、客户特征与企业研发投入
英文题目：	Business credit, customer characteristics and R&D investment
指导老师：	梅丹
中文关键字：	商业信用；客户集中度；客户波动性；研发投入
英文关键字：	commercial credit; customer concentration; customer volatility; R&D investment
中文摘要：	尽管随着四十年改革开放日新月异的飞速发展，我国各方面都得到空前的进步，甚至在一些领域做到世界领先水平，但不容忽视的是，我国相当一部分关键领域的核心技术在创新方面仍显不足。对此，党中央对我国创新能力强化的重视愈发强烈，2020年十月举行的十九届五中全会中特别提出，2035年我国关键核心技术要实现重大突破，进入创新型国家前列；2021政府工作报告中提到，要依靠科技推进国家发展。一时之间，如何突破美国“卡脖子”技术成为政府与企业最重要的关注点，而这也引起学者对企业创新的广泛关注。 基于提升企业研发创新能力的考虑，本文从企业进行研发活动的资金源头出发，试图研究企业中普遍存在的商业信用这一融资渠道对其研发投入的影响。本文基于我国沪深A股上市公司2007年至2018年经营数据，探究了上市公司中的商业信用融资水平对其研发投入的影响，并考虑了其中可能存在的内生性问题以及稳健性问题。同时，本文还从供应链整体角度出发，探究了企业客户特征可能会对上述两者间关系产生的影响。最后，考虑到在不同类型企业中，企业商业信用融资对研发投入的作用可能会有不同表现，本文就货币政策、企业产权性质、负债水平及其所处行业类型等因素，进行了一系列分组分析。 本研究发现：（1）商业信用融资正向影响研发投入，且考虑内生性及稳健性后，该结论仍然成立；（2）高客户集中度能够强化商业信用融资对研发投入的正向影响；（3）高客户波动性将强化商业信用融资对研发投入的正向影响；（4）当公司在某些宏、微观层面有所差异时，上述两者间的关系或有区别。具体地，相比于货币政策宽松时期，货币政策紧缩状态下公司的商业信用对研发投入的积极影响将更为明显。相比于非国有企业、负债水平较低的企业而言，上述两者间的关系在国有企业和高负债水平公司中均表现得更为明显。但商业信用融资对研发投入的促进作用在高技术企业和非高技术企业间并未表现出显著不同。本研究深刻揭示了商业信用融资对于企业研发的内在影响，并引入供应链这一全新的视角，进一步完善了企业研发投入影响因素相关文献，对上市公司实际研发决策具有一定指导作用。特别是对一些遭遇融资约束的公司，可以充分考虑自身企业特点，合理利用商业信用这一融资渠道，提升自身研发创新能力，强化企业核心竞争力，使企业获得长久发展。
英文摘要：	Since the founding of New China, Western developed countries such as Europe and the United States have adhered to the principle of imposing a technological blockade on China and suppressing it everywhere. The main representative of this is the United States, which is carelessly friendly to my country. In recent years, a series of friction incidents provoked by the United States has damaged its international image, while also letting more Chinese people understand the fact that the United States continues to maintain a technological blockade against China. This makes our country deeply aware that although with the rapid development of reform and opening up over the past 40 years, our country has made unprecedented progress in all aspects, and even achieved the world's leading level in some fields, but it should not be ignored that our country is in a considerable part of the key The core technological innovation capabilities in the field are still insufficient. In this regard, the Party Central Committee has paid more and more attention to the strengthening of my country's innovation capabilities. The Fifth Plenary Session of the 19th Central Committee held in October 2020 specifically proposed that my country's key core technologies will achieve major breakthroughs in 2035 and enter the forefront of innovative countries; 2021 The government work report mentioned that it is necessary to rely on science and technology to promote national development. For a while, how to break through the "stuck neck" technology of the United States has become the most important concern of the government and enterprises, and this has also aroused widespread attention from scholars to enterprise innovation. Based on the consideration of improving the R&D and innovation capability of enterprises, this article starts from the source of funds for R&D activities of enterprises, and attempts to study the influence of commercial credit, a financing channel that is ubiquitous in enterprises, on their R&D investment. Based on the relevant operating data of my country's Shanghai and Shenzhen A-share listed companies from 2007 to 2018, this article explores the impact of the level of commercial credit financing in listed companies on their R&D investment, and considers possible endogenous issues and robustness issues. At the same time, this article also explores the impact of corporate customer characteristics on the relationship between the two from the perspective of the overall supply chain. Finally, considering that in different types of companies, the role of corporate commercial credit financing on R&D investment may have different performances, this article has conducted a series of groupings on factors such as monetary policy, the nature of corporate property rights, the level of liabilities, and the type of industry in which they operate. This study found: (1) Commercial credit financing positively affects R&D investment, and this conclusion is still valid after considering endogenousness and robustness; (2) High customer concentration can strengthen the positive effect of commercial credit financing on R&D investment Impact; (3) High customer volatility will strengthen the positive impact of commercial credit financing on R&D investment; (4) When companies differ at certain macro and micro levels, the relationship between the two may be different. Specifically, compared with the period of loose monetary policy, the positive impact of the company's commercial credit on R&D investment under the state of monetary policy tightening will be more obvious. Compared with non-state-owned enterprises and enterprises with lower debt levels, the relationship between the above two is more obvious in both state-owned enterprises and companies with high debt levels. However, the promotion of R&D investment by commercial credit financing does not show a significant difference between high-tech companies and non-high-tech companies. This research deeply reveals the internal impact of commercial credit financing on corporate R&D, and introduces a new perspective of supply chain, further improves the literature on the factors affecting corporate R&D investment, and has a certain guiding role in the actual R&D decisions of listed companies. Especially for some companies that encounter financing constraints, they can fully consider their own corporate characteristics, rationally use commercial credit as a financing channel, enhance their own R&D and innovation capabilities, strengthen their core competitiveness, and enable them to achieve long-term development.
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