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强化市场机制在资源配置中的决定作用,促进金融资本支持企业R&D投资是中国产业结构升级的关键。首先,构建金融发展对企业R&D投资阶段边界影响的理论模型,认为超过一定边界的金融规模或金融效率不利于企业的R&D决策和R&D投资。其次,运用三阶段DEA-Malmquist指数、HECKIT模型和门限模型实证检验发现:(1)金融规模影响企业R&D投资具有双门槛值,深化不足或过度扩张的金融规模不利于企业R&D投资。(2)金融效率影响企业R&D投资具有单门槛值,技术进步、纯技术效率、规模效率及全要素生产率提升有利于企业R&D投资。(3)金融发展对企业R&D投资影响更多体现在扩展边际。金融效率是跨越企业R&D投资过程中规模瓶颈的重要途径。
To strengthen the decisive role of market mechanism in the allocation of resources and promote the financial capital to support the R & D investment of enterprises is the key to the upgrading of China’s industrial structure. First of all, to build a theoretical model of the impact of financial development on the border of R & D investment, it is considered that the financial scale or financial efficiency beyond a certain boundary is not conducive to R & D decision-making and R & D investment. Second, using the three-stage DEA-Malmquist index, the HECKIT model and the threshold model, the empirical test shows that: (1) The financial scale affects the R & D investment of enterprises with double thresholds; deepening or over-expanding financial scale is not conducive to R & D investment. (2) The impact of financial efficiency on the R & D investment of enterprises has a single threshold, technological progress, pure technical efficiency, economies of scale and total factor productivity are conducive to corporate R & D investment. (3) The impact of financial development on corporate R & D investment is more reflected in the expansion margin. Financial efficiency is an important way to overcome the scale bottleneck in the process of enterprise R & D investment.