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  

The Impact of Financing Constraints on Enterprise R&D Investment in the Background of Financial Friction

作　　者：周密 汪灿 ZHOU Mi;WANG Can(College of Management,Hunan City University,Yiyang,Hunan 413000,China)

机构地区：[1]湖南城市学院管理学院,湖南益阳413000

出　　处：《城市学刊》2018年第5期62-67,共6页Journal of Urban Studies

基　　金：湖南省科技厅软科学研究计划项目(2015ZK3042);湖南省教育厅优秀青年项目(15B047)

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。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.

关 键 词：金融摩擦 融资约束 现金持有量 企业研发投资 

分 类 号：F275.5[经济管理—企业管理]