The Influence of Alien Merchant Chambers on Enterprise R&D Investment: Evidence from China

Taking A-share listed companies in Shanghai and Shenzhen Stock Exchange as samples, this paper empirically examines the impact of enterprises’ participation in alien merchant chambers on enterprise R&D investment. The results show that enterprise which join in the alien merchant chambers has lower financial constraints and risk expectations, so that has more R&D investment. Besides, when alien merchant chambers are more, or when macroeconomic policy uncertainty is higher, the promotion effect of alien merchant chambers on R&D investment is greater. Further, it’s also found that the promotion effect is more significant for non-state enterprises and enterprises located in high level marketization regions, and the promotion effect is significant for both high-tech and non-high-tech enterprises.