Abstract：This paper uses a simplified theoretical model to analyze how the credit rationing affects the firms' R&D investment, and empirically tests the spatial heterogeneity in which the credit rationing affects R&D investment based on the large sample data of industrial firms in China. The empirical research shows that, the firms that suffer the more serious the degree of credit rationing, spend less R&D investment in terms of the overall situation. Other conditions remaining unchanged, the effect of credit rationing to R&D investment has obvious spatial heterogeneity in the area, and the inhibitory effect of credit rationing is not established in all regions, which depends on the regional financial development and the regional institutional quality. All kinds of robustness tests show that this hypothesis has better robustness.
邵传林 邵姝静. 信贷配给影响企业研发投资的实证研究——地区差异视角[J]. 浙江工商大学学报, 2015, (6): 86-96.
SHAO Chuanlin SHAO Shujing. An Empirical Research on the Impact of Credit Rationing on the R&D Investment——From a Perspective of Regional Differences. Journal of Zhejing Gongshang University, 2015, (6): 86-96.
2015, Vol. 
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