[1]周 密,汪 灿. 金融摩擦背景下融资约束对企业研发投资的影响——基于中国上市企业的计量检验[J].城市学刊,2018,39(05):62-67.
 ZHOU Mi,WANG Can. The Impact of Financing Constraints on Enterprise R&D Investment in theBackground of Financial Friction[J].Journal of urban studies,2018,39(05):62-67.
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  金融摩擦背景下融资约束对企业研发投资的影响
——基于中国上市企业的计量检验
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《城市学刊》[ISSN:1006-6977/CN:61-1281/TN]

卷:
39
期数:
2018年05期
页码:
62-67
栏目:
城市经济
出版日期:
2018-09-20

文章信息/Info

Title:
 The Impact of Financing Constraints on Enterprise R&D Investment in the
Background of Financial Friction
作者:
 周 密汪 灿


(湖南城市学院 管理学院,湖南 益阳 413000)
Author(s):
 ZHOU Mi WANG Can
 
(College of Management, Hunan City University, Yiyang, Hunan 413000, China)
关键词:
 金融摩擦融资约束现金持有量企业研发投资
Keywords:
 financial friction financing constraints cash holdings corporate R&D investment
文献标志码:
A
摘要:
 研发投资是技术创新的关键部分,也是推动经济增长的主要驱动力。金融摩擦无处不在,研发
过程中也经常面临融资约束问题,依据 Brown J R & Petersen B C (2012)模型,检验企业在金融摩擦背景下融
资约束对企业研发投资的影响。计量结果显示,现金流、股票发行、现金持有量三者对企业研发投资均存在
影响,但是企业研发过程中对现金持有量的依赖程度更高,并且地方国有企业和公众企业以及研发高密集度
行业的依赖性更强,同时也验证了现金持有量对于大部分上市企业的研发平滑非常重要。
Abstract:
  The R&D investment is a key part of the technological innovation and the main driving force for economic
growth. Financial friction is ubiquitous, and financing constraints are often faced in the process of research and development.
Based on the Brown J R & Petersen B C (2012) model, this paper examines the impact of financing constraints on corporate
R&D investment in the context of financial friction. The measurement results show that cash flow, stock issuance, and cash
holdings all have an impact on corporate R&D investment, but the company’s R&D process is more dependent on cash holdings,
especially the local state-owned enterprises and public companies and companies, and it also verifies that cash holdings are
important for the smooth development of most the listed companies.
 
更新日期/Last Update: 2018-12-18