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随着人民币国际化的不断推进,我国的金融市场更加开放。本文以中国2010—2014年A股上市公司数据为样本,实证分析了人民币国际化、金融发展和企业研发投入三者之间的关系。研究结果表明:金融发展总体上可以提高企业研发投入,但在国有企业,金融发展却抑制了企业研发;人民币国际化影响金融发展对企业研发投入的作用;人民币国际化影响金融发展对企业研发投入的作用在非国有控股企业更加明显。
With the continuous promotion of RMB internationalization, China’s financial market is more open. Based on the data of A-share listed companies in China from 2010 to 2014, this dissertation empirically analyzes the relationship among RMB internationalization, financial development and corporate R & D investment. The results show that: financial development generally can increase R & D investment, but in state-owned enterprises, financial development has inhibited the development of enterprises; RMB internationalization affects the role of financial development in R & D investment; RMB internationalization affects the financial development to R & D investment The role of non-state-controlled enterprises more pronounced.