資本是技術進步、經濟增長的重要因素，融資對公司研發投入十分重要。中國大陸公司的研發投資水準不高，那麽大陸公司的研發是否受到了融資限制？如有，商業信用作爲一種資金來源，能否對公司研發投資有促進作用？本文在投資-現金流敏感性模型中加入R&D投資、商業信用等變數，利用2008年至2016年中國A股市場製造業上市公司的面板資料，對模型進行GMM估計，以檢驗假設——中國大陸製造業上市公司R&D投資面臨融資限制、商業信用對R&D投資有促進作用。實證結果顯示：(1) 中國大陸製造業上市公司的研發投資依賴內部現金流，間接證明研發投資活動面臨融資限制。從產權性質來看，非國有公司面臨的融資限制問題可能更嚴重。(2) 商業信用並不能對公司研發投資起正向效果。從產業性質看，商業信用對國有公司R&D投資有促進作用，對非國有公司R&D投資無促進作用。

Capital is a main factor in technological progress and economic growth. Financing is very important for companies R&D investment. The level of R&D investment by Chinese companies is low. Is it because they are subject to financing restrictions? If so, will commercial credit, as an additional source of funding, promote the company’s R&D investment? By using the panel data of listed companies in China's A-shares manufacturing industry from 2008 to 2016, this paper finds that: (1) the R&D investment of listed companies in China's manufacturing industry relies on cash flow, and R&D investment activities may face financing restrictions. the problem of financing restrictions faced by non-state-owned enterprises may be more serious. (2) Trade credit does not have a positive effect on company R&D investment. Trade credit can promote the R&D investment of state-owned enterprises, and it can not promote the R&D investment of non-state-owned enterprises.

摘要 i
Abstract ii
致謝 iii
第一章 緒論 1
第一節 研究背景和動機 1
第二節 論文結構 2
第二章 文獻回顧和研究假設 3
第一節 信息不對稱 3
第二節 融資限制 4
第三節 融資限制與R&D投資 5
第四節 商業信用與融資限制 9
第三章 研究設計 12
第一節 樣本選取與資料來源 12
第二節 變數說明 12
一、被解釋變數 12
二、解釋變數 13
三、控制變數 13
第三節 變數模型設計 15
第四節 GMM估計 16
一、一階差分動差估計 16
二、系統性動差估計 17
三、過度認定(over identification)與殘差序列相關(autocorrelation)的檢定 18
第四章 實證結果分析 19
第一節 敘述統計結果 19
一、總體樣本的敘述統計 19
二、按公司規模分組的敘述統計分析 19
三、按公司產權性質分組的敘述統計分析 21
第二節 相關性分析 23
第三節 迴歸結果分析 25
一、全樣本迴歸結果 25
二、按公司產權性質分組迴歸 27
第四節 穩健性分析 28
第五章 研究結論和研究展望 31
第一節 研究結論 31
第二節 政策建議 32
第三節 研究限制與展望 33
參考文獻 34

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