机构投资者对R&D融资约束的影响研究  

Impact of Institutional Investors on Financial Constraints of R&D Investment

作　　者：胡一君[1] 王飞[1] 孟庆军[1] 

机构地区：[1]河海大学商学院,江苏南京211100

出　　处：《武汉理工大学学报（信息与管理工程版）》2015年第6期812-815,共4页Journal of Wuhan University of Technology：Information & Management Engineering

基　　金：江苏省教育厅高校哲学社会科学研究基金资助项目(2010ZDIXM004)

摘　　要：运用广义矩估计(GMM)研究机构投资者对企业R&D投资的融资约束影响,并探究处在不同生命周期的企业,机构投资者影响R&D融资约束是否存在差异。研究表明,机构投资者有利于降低企业R&D融资约束水平;不同生命周期企业所面临的R&D融资约束程度不同,成长期企业R&D融资约束程度最严重,衰退期企业次之。机构投资者缓解成长期企业的R&D融资约束效果最显著,其次为衰退期企业。GMM methods were used to estimate the impact of institutional investors on the financing constraints of R＆D in- vestment. The different influence of institutional investors＂ effect on financing constraints was investigated when the companies were at their different life cycles. Research shows that institutional investors were helpful to reduce R＆D financing constraints level; different life - cycle businesses were facing different degree of financing constraints ; the financing constraints of corporate in the growing stage were the most serious one. Institutional investors＇effect of financing constraints for the growing companies was most significant ; followed by corporate in the recession stage.

关 键 词：机构投资者 R&D融资约束 生命周期 GMM估计 

分 类 号：F275.5[经济管理—企业管理]