CAJ | 학술논문

企业研发（R＆D）投入是需要大量的资金长期持续性的投入，外部融资资源获取则是影响企业进行研发投入的关键因素。地区金融市场的发展能否扩大企业的融资资源获取渠道、增加企业的研发投入资金来源、解决企业研发投人的资金问题以推动企业研发投入是一个亟需研究的问题。本文以中国上市公司2002～2006年数据为样本，实证考察了地区金融发展对企业R＆D投入的影响。研究发现，银行业市场化改革的推进、地区金融发展积极地推动我国上市公司的R＆D投入。并且，金融发展水平对企业R＆D投入的这种正向影响对小规模企业和私有产权控制的企业更为明显。进一步的研究还发现，政府干预弱化了金融发展对企业R＆D投入的积极影响。本文为理解转轨经济背景下的中国企业R＆D投入的影响因素提供了一个新的重要视角，也为理解金融发展与经济增长之间关系的微观机理提供了新的经验证据。
기업연발（R＆D）투입시수요대량적자금장기지속성적투입，외부융자자원획취칙시영향기업진행연발투입적관건인소。지구금융시장적발전능부확대기업적융자자원획취거도、증가기업적연발투입자금래원、해결기업연발투인적자금문제이추동기업연발투입시일개극수연구적문제。본문이중국상시공사2002～2006년수거위양본，실증고찰료지구금융발전대기업R＆D투입적영향。연구발현，은행업시장화개혁적추진、지구금융발전적겁지추동아국상시공사적R＆D투입。병차，금융발전수평대기업R＆D투입적저충정향영향대소규모기업화사유산권공제적기업경위명현。진일보적연구환발현，정부간예약화료금융발전대기업R＆D투입적적겁영향。본문위리해전궤경제배경하적중국기업R＆D투입적영향인소제공료일개신적중요시각，야위리해금융발전여경제증장지간관계적미관궤리제공료신적경험증거。
The financing resource for firms＇ R＆D investment is a key factor affecting the success of Firms＇ R＆D Investment. Whether local financial development affects the＇available financing resource of firms＇ R＆D investment and boosts firms＇ R＆D investment is a much-needed research issue. In this paper we investigate the effect of local financial development on the firms＇ R＆D investment, using a rich data set of a large number of Chinese listed firms over the 2002 - 2006. There is evidence that regional financial development has a significant and positive effect on the firms＇ R＆D investment, particularly for small and private controlled firms. There is also some evidence that the positive effect of financial development on the firms＇ R＆D investment is hampered by local government intervention in financial system.