CAJ | 학술논문

本文分无融资约束和融资约束两种情况，讨论了企业出口和研发投资之间的互补效应和替代效应，并使用世界银行对中国企业投资环境的调查数据，实证检验了融资约束对出口与R＆D投资之间两种效应的影响程度。结果表明：融资约束抑制了出口与R＆D投资之间的相互促进作用，随着融资约束的增加，企业不能既出口又进行R＆D投资，只能二者择其一。这一微观企业层面的研究发现，折射了我国金融发展相对滞后是阻碍我国经济转型的一个重要原因，从微观层面解释了为何我国出口的高速增长没有带来经济转型。
본문분무융자약속화융자약속량충정황，토론료기업출구화연발투자지간적호보효응화체대효응，병사용세계은행대중국기업투자배경적조사수거，실증검험료융자약속대출구여R＆D투자지간량충효응적영향정도。결과표명：융자약속억제료출구여R＆D투자지간적상호촉진작용，수착융자약속적증가，기업불능기출구우진행R＆D투자，지능이자택기일。저일미관기업층면적연구발현，절사료아국금융발전상대체후시조애아국경제전형적일개중요원인，종미관층면해석료위하아국출구적고속증장몰유대래경제전형。
This article discusses the complementary and substitution effects between export and R＆D investment underthe conditions of no financing constraints and financing constraints, and uses the Chinese enterprises investment environmentsurvey data released by the World Bank, empirically tests the impact degree of financing constraints on the two effects betweenexports and R＆D investment. The results show that financing constraints inhibit the interaction between the role of the exportsand R＆D investment, companies can not export and R＆D investment at the same time; with the increase of financing con-straints, the alternative courses of action is only one. The empirical results from the micro level to explain why the rapidgrowth of China＇s exports did not bring about economic transformation. Of the micro enterprise level study found that the Refraction of China＇s financial development is lagging behind, trade policy is biased.