供应商集中度、财务柔性与企业研发投入  

Supplier Concentration, Financial Flexibility and Firms' R&D Investment

作　　者：任莉莉[1] 张瑞君[1] REN Li-li;ZHANG Rui-jun(School of Business,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学商学院,北京100872

出　　处：《研究与发展管理》2019年第2期67-77,共11页R&D Management

摘　　要：基于供应链的视角,本文对供应商集中度与企业研发投入之间的关系进行实证研究。结果表明,供应商集中度越高,企业研发投入越少,并且企业降低研发投入是出于承诺性动机而非预防性动机;供应商集中度对研发投入的负向影响通过融资约束路径而非风险承担路径发挥作用,进一步证明了企业的承诺性动机;企业的财务柔性会对供应商集中度与研发投入之间的负相关关系产生正向调节作用,企业可以保持适当的财务柔性改善供应商集中对企业研发投入的负向影响。From the view of the supply chain,it made an empirical analysis on the relationship between supplier concentration and R&D investment.It finds that the higher the concentration of suppliers,the less R&D investment;firms reduce R&D investment because of commitment motivation rather than precautionary motivation;the negative effect of supplier concentration on R&D investment is mediated by a financing constraint path rather than a risktaking path,further validating the commitment motivation;firms’financial flexibility has a positive moderation effect on the negative relationship between supplier concentration and R&D investment.Firms can maintain appropriate financial flexibility to moderate the negative impact of supplier concentration on R&D investment.

关 键 词：供应商集中度 中介效应 财务柔性 研发投入 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济]