企业R&D资金约束差异与投资结构选择——理论构建与实证研究  

The Differences of Firm's R&D Financial Constraint and Investment Structure Choices:Theory and Empirical Research

作　　者：周伟[1] 肖海莲[2] 

机构地区：[1]清华大学经济管理学院,北京100084 [2]中山大学管理学院,广州510275

出　　处：《科学学与科学技术管理》2012年第7期109-117,共9页Science of Science and Management of S.& T.

基　　金：国家自然科学基金项目"我国企业R&D创新投入的风险与有效性研究"(70772084);教育部人文社科基金项目(11YJC790308);中山大学"笹川优秀青年奖学基金"(2010)博士生重要创新项目"企业R&D投入结构配置与资金约束"

摘　　要：在资金约束条件下,企业如何将资金在研究阶段与开发阶段进行结构配置是实务界和理论界亟待解决的重大问题。从理论上分析了资金约束下投资对研究阶段和开发阶段存在的结构差异,构建专利生产模型分析了融资约束下企业R&D存在的投资结构选择,并进一步通过实证研究了现金流和研究阶段支出正相关与开发阶段支出呈反"S"型关系,以及和R&D投资结构呈倒U型的关系。The discussion on how the firms allocate their R＆D capital to the research and development stages struc- turally under capital constraints has become a focus in practical and academic fields. We analyze the structural differences of investment between research and development stages under financial constraints. The optimal solution of patent production model indicates that the investment structure choices of R＆D varied with financial constraints. Empirical results demonstrate that cash flow has a positive correlation with research expenditure, while it show a reverse ‘S＇ curvilinear correlation with development expenditure. Even more interesting is that cash flow has an invert- ed-U relation with R＆D expenditure structure （R/D）. The study provides significant theoretical basis for the firms to make decisions on R/D investment Structure under different financial constraints.

关 键 词：研究阶段 开发阶段 资金约束 投资结构 

分 类 号：F272.73[经济管理—企业管理]