融资约束下研发投入对企业财务绩效风险的影响  

The Influence of Research and Development Investment on Financial Performance Risk Under Financing Constraint

作　　者：郑淑霞 ZHENG Shuxia(Department of Mathematical Sciences,Institute of Jiangxia,Fuzhou,Fujian 350103)

机构地区：[1]福建江夏学院数理教研部,福建福州350103

出　　处：《武夷学院学报》2018年第4期63-70,共8页Journal of Wuyi University

摘　　要：技术创新能力是企业生存和稳定发展的重要手段,但是企业研发创新也会带来财务绩效风险,这主要取决于企业研发投入的效率以及是否能为企业产生经济价值。文章选择2013-2015年663家制造业上市企业作为研究对象,利用面板数据模型检验了企业研发投入强度对企业财务绩效风险是否存在非线性影响,同时观察融资约束是否会影响二者变量的关系。研究得到:企业研发投入强度对企业财务绩效风险不存在非线性影响,二者为正向线性关系,研发投入强度增加会增大企业的财务绩效风险水平。企业融资约束会扩大企业研发投入强度对企业财务绩效风险的正影响程度,说明融资约束程度的加强,会使企业研发投入资本相对成本更高,进一步加大企业财务绩效风险。Technological innovation ability is an important means for enterprise survival and stable development. But enterprise rd innovation also brings financial performance risks.It depends on the efficiency of research and development investment and whether it can generate economic value for the enterprise. This paper selects 663 manufacturing listed companies from 2013 to 2015 as the research object. The panel data model is used to verify the non-linear influence of enterprise rd investment intensity on the financial performance risk of enterprises.At the same time, it is observed that whether the financing constraint affects the relationship between the two variables.Research results： the enterprise research and development investment intensity have no nonlinear influence on the financial performance risk of the enterprise. The two are positive linear relationship, and the increase of research and development input intensity will increase the financial performance risk level of the enterprise.The enterprise financing constraint will enlarge the influence degree of the enterprise research and development investment intensity on the financial performance risk of the enterprise.It shows that the strengthening of financing constraints will make it more expensive for enterprises to invest in rd.It will further increase the risk of corporate financial performance.

关 键 词：企业研发投入强度 财务绩效风险 融资约束 非线性影响 

分 类 号：F064.1[经济管理—政治经济学]