CAJ | 학술논문

在当前经济转型升级的大背景下，要想保持经济长期可持续的增长，必然要求微观企业保持良好的成长态势和较高水平的生产效率。本文利用BEEPS的中国企业调查微观数据，考察了外部融资约束、银行信贷和技术研发影响企业绩效和企业成长的作用机制。研究表明：外部融资约束对企业生产效率有显著负面影响，企业技术研发对生产效率有显著的促进作用，外部融资约束通过技术研发投入途径对企业生产效率产生抑制效应；银行信贷对于企业生产效率有直接的负面影响，只有将其投入到技术研发活动中才会发挥促进企业成长的作用。
재당전경제전형승급적대배경하，요상보지경제장기가지속적증장，필연요구미관기업보지량호적성장태세화교고수평적생산효솔。본문이용BEEPS적중국기업조사미관수거，고찰료외부융자약속、은행신대화기술연발영향기업적효화기업성장적작용궤제。연구표명：외부융자약속대기업생산효솔유현저부면영향，기업기술연발대생산효솔유현저적촉진작용，외부융자약속통과기술연발투입도경대기업생산효솔산생억제효응；은행신대대우기업생산효솔유직접적부면영향，지유장기투입도기술연발활동중재회발휘촉진기업성장적작용。
In the background of China’s economic transition and up?grading, this situation strongly requires Chinese enterprises have a high growth level and efficiency. As we know, there are a lot of literatures and evidences in theory and experience that financial development, external fi?nancial constraint and R&D have important effect on firm’s performance and growth. However, there are stil some drawbacks in the existing litera?tures. Using the BEEPS firm-level dataset in China, we investigate the re?lationship among external financial constrain. We find that external finan?cial constraints and bank loan have negative effect on firm performance. Moreover, it’s effect on productivity are mediated through the R&D lev?el. The innovation and R&D of firms are crucial for firm production effi?ciency, and the marginal influence of R&D intensity on productivity is in?creasing in firms bank loaned.