企业R＆D两阶段融资约束差异及R＆D资金分阶段配置研究  

Research on Financing Constraints Differences between R&D Two Stages of Enterprise and R&D Capital Configuration in Stages

作　　者：任元明[1] 王怀业 陈赞迪[3] 

机构地区：[1]西南大学财务处 [2]西南大经济管理学院,重庆400715 [3]西南大学经济管理学院,重庆400715

出　　处：《科技进步与对策》2014年第3期92-97,共6页Science & Technology Progress and Policy

基　　金：中央高校基本科研业务费专项资金项目(SWU1109038)

摘　　要：在总结、借鉴他人研究成果的基础上,推导出融资约束—R&D两阶段资金配置曲线,以我国2007-2012年上市公司R&D数据为研究样本,对企业内部现金流与R&D研究阶段、开发阶段及两阶段的资金配置结构关系进行了实证检验和分析,并得出如下结论:R&D研究阶段投入与开发阶段投入互为正相关关系,二者相互促进;R&D研究阶段和开发阶段风险、所处阶段等情况的不同使得它们面临的现金流融资约束存在较大差异,企业现金流与研究阶段投入正相关,与开发阶段投入呈反"S"型的正向3次方关系;企业现金流与R&D研究阶段占比呈倒"U"型关系。最后,根据问题提出相关政策建议。Research stage and development stage of R＆D have different economic nature. In this paper, on the basis ot others’ reference research results, we deduce the curve of financing constraints and R＆D capital configuration in two stages, using the R＆D data of China＇s listed companies from 2007 to 2012 as research sample, we do empirical test and analysis on the relationship between enterprise internal cash flow and two stages of R＆D and capital allocation structure of two sta- ges, and draw the following conclusions： there are positive correlation between research phase and development phase of R＆D; owing to the difference in risk and stages between research phase and development phase of R＆D, there is a big difference in cash flow financing constraints between the two stages, there are positive correlation between enterprise cash flow and research phase, while the correlation is 3 positive power between enterprise cash flow and development phase; it is a “inverted U” shaped relationship between enterprise cash flow and the ratio of research phase in R＆D. For empirical research conclusions in this paper, we suggest that enterprises should value basic research stage etc.

关 键 词：R&D两阶段 融资约束 现金流 研究阶段 开发阶段 

分 类 号：F273.1[经济管理—企业管理]