CAJ | 학술논문

用面板数据模型和进行研发活动的工业企业数据，验证了金融错配通过直接和间接两种途径影响企业绩效。从直接影响看，金融错配导致民营企业、研发强度中、低水平的企业融资成本增加，当期、滞后一期与滞后二期的企业绩效下降；从间接影响看，金融错配释放扭曲的资产价格，导致结构性研发投资短缺，民营企业相对国有企业、按研发强度排序中高水平企业相对强度最高的25％的企业研发投资缺乏，这些企业当期被锁定在劳动密集型或工艺简单的低端环节，并由此遏制企业对技术创新的需求，与国有企业、研发强度最高的少数企业在研发能力上的差距越来越大、企业绩效越来越低，产业结构升级缺乏内在支撑。
용면판수거모형화진행연발활동적공업기업수거，험증료금융착배통과직접화간접량충도경영향기업적효。종직접영향간，금융착배도치민영기업、연발강도중、저수평적기업융자성본증가，당기、체후일기여체후이기적기업적효하강；종간접영향간，금융착배석방뉴곡적자산개격，도치결구성연발투자단결，민영기업상대국유기업、안연발강도배서중고수평기업상대강도최고적25％적기업연발투자결핍，저사기업당기피쇄정재노동밀집형혹공예간단적저단배절，병유차알제기업대기술창신적수구，여국유기업、연발강도최고적소수기업재연발능력상적차거월래월대、기업적효월래월저，산업결구승급결핍내재지탱。
This paper verifies that financial misallocation can affect firm performance both directly and indirect‐ly ,based on panel data model and the data of industrial firms from 2005 to 2007 .Directly ,financial misalloca‐tion increases financing costs of private enterprises and the enterprises that are at a middle and low level of R&D intensity ,and brings about the decline of performance for one‐year lagged and two‐year lagged firms .In‐directly ,financial misallocation releases distorted price of assets ,leading to structural shortage of R&D invest‐ment .Meanwhile ,there is R&D investment shortage in firms ranking the top 25% of R&D intensity .Those firms are confined to low level sections that are labor‐intensive or need simple technology ,w hich curbs firms’ demand for technology innovation .As a consequence ,the gap is increasingly larger on R&D capabilities and the firm performance becomes poorer than that of state‐ow ned enterprises and the enterprises of high level of R&D intensity .Moreover ,industrial structure upgrade lacks internal support .