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论文编号：	15388
作者编号：	2120233679
上传时间：	2025/6/9 19:36:33
中文题目：	竞争者融资约束、供应链地位与研发投入
英文题目：	Competitor Financial Constraints, Supply Chain Position, and R&D Investment
指导老师：	程新生
中文关键字：	竞争者融资约束；供应链地位；研发投入
英文关键字：	Competitor Financial Constraints; Supply Chain Position; R&D Investment
中文摘要：	在全球经济格局发生深刻变化的背景下，创新已成为企业维持竞争优势和实现长远发展的关键动力。然而，企业创新决策不仅受自身资源基础的影响，还深深嵌入于复杂的市场竞争环境中，受到竞争者之间互动的作用，以及外部融资环境的约束。在此背景下，探究竞争者融资约束如何影响企业创新决策，不仅对完善创新支持机制具有重要的现实价值，也为拓展竞争视角下的创新理论研究提供了新的探索方向。 本文系统回顾了国内外相关文献，重点梳理了企业创新、融资约束以及供应链地位的相关文献，并基于动态竞争理论、资源基础理论、信号传递理论和差异化理论提出了研究假设。在实证分析中，本文以2018—2022年A股上市公司的研究样本，通过文本分析方法，利用上市公司经营信息文本构建了基于经营业务相似度的竞争者关系网络，采用了多元回归模型检验了竞争者融资约束对企业研发投入的促进作用，并进一步分析了竞争者供应链地位的调节作用。同时，本文还通过异质性分析探讨了不同产权性质、企业规模和行业特征下竞争者融资约束对研发投入的影响差异，并基于差异化理论进一步分析了竞争者融资约束对企业创新组合的影响。为确保研究结果的可靠性，本文还通过倾向得分匹配法、替换变量法和增加固定效应进行了稳健性检验。 研究结果表明，竞争者融资约束对企业研发投入具有显著的促进作用，这一结论在控制了内生性问题后依然稳健；竞争者供应链地位在竞争者融资约束与企业研发投入的关系中起到正向调节作用；相较于国有企业、中小型企业和非高科技行业企业，竞争者融资约束对非国有企业、大型企业和高科技行业企业的研发投入促进作用更为显著；此外，基于差异化理论的分析显示，竞争者融资约束程度上升时，企业会提高与竞争者的业务相似度。本文的研究结论为企业制定创新战略提供了实践启示，同时也为政策制定者维护良性竞争环境、优化金融支持体系提供了理论依据。
英文摘要：	Under the shifts in the global economic landscape, innovation has become a critical driver for enterprises to maintain competitive advantages and achieve sustainable growth. However, corporate innovation decisions are shaped not only by internal resource but also embedded within complicate market competition dynamics, influenced by competitive interactions among industry peers and constrained by external financing limitations. Examining how competitors' financing constraints impact corporate innovation strategies holds substantial practical significance for optimizing innovation support frameworks while offering new directions for theoretical exploration in competitive innovation studies. This paper systematically reviews relevant domestic and international literature, focusing on studies related to corporate innovation, financing constraints, and supply chain position. Based on dynamic competition theory, resource-based theory, signaling theory, and differentiation theory, research hypotheses are proposed. In the empirical analysis, using a sample of A-share listed companies from 2018 to 2022, a competitor relationship network is constructed based on business similarity through textual analysis of corporate operational information. A multiple regression model is employed to examine the positive impact of competitors' financing constraints on corporate R&D investment, with further analysis of the moderating role of competitors' supply chain position. Additionally, heterogeneity analysis is conducted to explore differences in the impact of competitors' financing constraints on R&D investment across firms with different ownership types, sizes, and industry characteristics. Based on differentiation theory, the paper further analyzes how competitors' financing constraints influence corporate innovation portfolios. To ensure robustness, propensity score matching, alternative variable measures, and additional fixed effects are applied. The findings reveal that competitors' financing constraints significantly promote corporate R&D investment, a conclusion that remains robust after addressing endogeneity concerns. Competitors' supply chain position positively moderates the relationship between competitors' financing constraints and corporate R&D investment. Compared to state-owned enterprises (SOEs), small and medium-sized enterprises, and non-high-tech firms, the R&D investment of non-SOEs, large enterprises, and high-tech firms is more significantly stimulated by competitors' financing constraints. Furthermore, analysis based on differentiation theory indicates that as competitors' financing constraints intensify, firms tend to increase their business similarity with competitors. The conclusions of this study provide practical insights for corporate innovation strategy formulation and offer theoretical foundations for policymakers to foster a healthy competitive environment and optimize financial support systems.
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