CAJ | 학술논문

基于2005～2007年我国30万家工业企业数据，使用倾向得分匹配模型（PSM），在控制样本选择偏误的基础上发现：集团化经营显著提高了企业的研发投入总量与研发投入强度：集团化经营通过集团内部资本市场缓解企业融资约束，以及内部知识溢出效应，促进企业研发投入；集团化经营对不同类型企业的研发投入都有促进作用，对高科技行业、私营企业的作用最为明显。在我国银行主导的金融结构背景下。企业集团可以在一定程度上弥补资本市场发育迟缓的局限性，是缓解企业融资约束、促进高科技产业发展的有效组织形式。
기우2005～2007년아국30만가공업기업수거，사용경향득분필배모형（PSM），재공제양본선택편오적기출상발현：집단화경영현저제고료기업적연발투입총량여연발투입강도：집단화경영통과집단내부자본시장완해기업융자약속，이급내부지식일출효응，촉진기업연발투입；집단화경영대불동류형기업적연발투입도유촉진작용，대고과기행업、사영기업적작용최위명현。재아국은행주도적금융결구배경하。기업집단가이재일정정도상미보자본시장발육지완적국한성，시완해기업융자약속、촉진고과기산업발전적유효조직형식。
Using 300 thousand industrial enterprises＇ panel data from 2005 to 2007 in China, this paper analyzes the effects of business group on R＆D investment, based on PSM model to avoid sample selection bias. Business group facilitates R＆D investment provides a platform for resource sharing among affiliates and alleviating credit constraints. Knowledge spillover within business group is another channel to promote R＆D investment. The findings indicate that firms that are affiliated with business groups take a larger amount and intensity of R＆D investment than their unaffiliated counterparts, especially for privately-owned firms and in high-tech industries. Under undeveloped financial market, building business group is an effective way to alleviate credit constraints and promote the development of high-tech industries.