金融契约执行效率对企业研发投资的影响研究
摘要
创新是新时期新发展理念的核心，也是“十四五”期间我国经济高质量可持续
发展的重要引擎。目前，我国的研发投资水平虽然有了很大的提升，但与发达国
家相比，仍有很大的差距。对一个企业而言，其所有的经营活动与所处的制度环
境密切相关，金融契约执行效率作为法制环境的衡量，可能会对企业研发投资决
策产生重要影响。2020年的营商环境报告显示，我国虽然实行统一的法律条文，
但不同区域之间的法律环境仍有很大的差异。根据各省份金融契约执行效率之间
存在巨大差异的特点，本文将探讨不同地区间企业研发投资水平的不同是否与这
种差异相关。
文章选取 2010-2019年 A股上市制造业企业为样本，研究地区金融契约执行
效率对企业研发投资的影响，同时区分不同所有制企业、不同要素密集度行业研
究上述影响的差异。也考查了非正式制度银企关系对金融契约执行效率与企业研
发投资关系的影响，并从金融摩擦的视角出发，探讨金融契约执行效率影响企业
研发投资的具体渠道，研究结果表明，地区金融契约执行效率的提升对企业研发
投资产生正向影响，且上述影响在非国有企业和资本密集型企业中更显著。非正
式制度如银企关系的建立对金融契约执行效率产生替代作用，对于未建立银企关
系的企业，金融契约执行效率对企业研发的正向作用更强。在具体机制分析中发
现，金融契约执行效率可以通过缓解企业外部金融摩擦影响到企业研发投资，并
且金融契约执行效率主要通过价格型金融摩擦而非数量型金融摩擦渠道影响企
业研发投资。
最后，文章根据实证研究结果得出结论，并提出政策建议。国家要完善立法，
弥补相关法律法规缺失的情形，更加细化法律法规，用法律促进和保障企业创新。
地方政府要加强执法，提升契约执行效率，提高司法人员数量和质量，简化案件
审理流程。不同区域的政府要根据实际情况，实行不同政策，规划发展。对企业
来讲要积极抓住时机，进行创新。各地区要统筹规划，加快创新性国家建设。
关键词：金融契约执行效率；企业研发投资；金融摩擦；银企关系
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金融契约执行效率对企业研发投资的影响研究
Abstract
Innovation is the core of the new development concept in the new era, and it is
also an important engine for the high-quality and sustainable development of our
country's economy during the "14th Five-Year Plan" period. At present, although our
country's R&D investment level has been greatly improved, compared with developed
countries, there is still a big gap. For an enterprise, all its business activities are
closely related to the institutional environment. The efficiency of financial contract
execution as a measure of the legal environment may have an important impact on the
enterprise's R&D investment decision. The Business Environment Report for 2022
shows that although our country implements uniform legal provisions, the legal
environment between different regions has big difference. Based on the characteristics
of huge differences in the execution efficiency of financial contracts in various
provinces, this article will explore whether the differences in the level of R&D
investment of enterprises in different regions are related to it.
The article selects A-share listed manufacturing companies from 2010 to 2019 as
a sample to study the impact of regional financial contract execution efficiency on
corporate R&D investment, and divide samples according to ownership and factor
intensity to study the differences. Then examines the informal institutional
bank-enterprise how to effect the relation between the efficiency of financial contract
execution and corporate R&D investment. Finally, from the perspective of financial
friction, explores the specific channels through which the efficiency of financial
contract execution affects corporate R&D investment. The research results show that
the improvement in execution efficiency has a positive impact on corporate R&D
investment, and the above impact is more significant in non-state-owned enterprises
and capital-intensive enterprises. Informal institutions such as the establishment of
bank-enterprise relations have a substitute effect on the efficiency of financial contract
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金融契约执行效率对企业研发投资的影响研究
execution. For companies that have not established a bank-enterprise relationship, the
efficiency of financial contract execution has a stronger positive effect on corporate
R&D. In the analysis of specific mechanisms, it is found that the efficiency of
financial contract execution can affect corporate R&D investment by alleviating
external financial frictions, and the efficiency of financial contract execution mainly
affects corporate R&D investment through price-based financial friction rather than
quantitative financial friction.
Finally, the article draws conclusions based on the results of empirical research
and puts forward policy recommendations. Our country should improve legislation,
make up for the lack of relevant laws and regulations, make more detailed laws and
regulations, and use laws to promote and protect enterprise innovation. Local
governments should strengthen law enforcement, improve the efficiency of contract
enforcement, increase the number and quality of judicial personnel, and simplify the
case trial process. Governments in different regions should implement different
policies and plan development based on actual conditions. For companies, they must
actively seize the opportunity to innovate. All regions must make overall plans to
accelerate the construction of an innovative country.
Keywords: financial contract execution efficiency; corporate R&D investment;
financial friction; bank-enterprise relationship
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