环境不确定性、财务柔性与研发投资——基于中小板上市公司的经验证据  

Environmental Uncertainty,Financial Flexibility and R&D Investment——A Study Based on SEM Listed Companies

作　　者：陈非[1] 韩晓宇[1] Chen Fei;Han Xiaoyu(School of Economics,Huazhong University of Science and Technology,Wuhan 430000,China)

机构地区：[1]华中科技大学经济学院,武汉430000

出　　处：《工业技术经济》2018年第10期19-25,共7页Journal of Industrial Technological Economics

摘　　要：本文以深圳证券交易所2011~2016年中小板上市公司为研究样本,对财务柔性与企业研发投资间的关系进行了理论分析和实证检验,并将环境不确定性作为调节变量纳入该研究框架,考察环境不确定性对财务柔性和研发投资的调节作用。研究结果表明:财务柔性能促进企业研发投资。进一步地,环境不确定性能加强财务柔性对研发投资的促进作用,环境不确定性程度越高,财务柔性对研发投资的促进作用越大。这一结论对中小企业创新实践具有一定的理论启示。Based on the data of SEM listed companies during 2011 to 2016,this paper studied the relationship between financial flexibility and R&D investment from the theoretical analysis and empirical test.And then the study took into account environmental uncertainty as regulating variable of the research framework to make a research on the relationship between environmental uncertainty,financial flexibility and R&D investment.The results of research showed that financial flexibility can promote the company s R&D investment.Further,the environmental uncertainty can enhance the role of financial flexibility in R&D investment,and the higher degree of environmental uncertainty,the greater effect of financial flexibility on R&D investment.Maybe this conclusion had some theoretical implications for the innovation practice of small and medium-sized enterprises.

关 键 词：环境不确定性 财务柔性 研发投资 回归分析 自主创新 企业决策 

分 类 号：F270[经济管理—企业管理] F224[经济管理—国民经济]