财务冗余是否促进了高科技企业的R&D投资?——基于实物期权理论的视角  

Does financial slack promote R&D investment in high-tech firms?——from the perspective of real option theory

作　　者：黄瀚雯 吕晨 杨雅楠[1] HUANG Hanwen;LV Chen;YANG Yanan(Nankai University,Tianjin 300071,China;Tianjin Chengjian University,Tianjin 300384,China)

机构地区：[1]南开大学商学院,天津300071 [2]天津城建大学经济与管理学院,天津300384

出　　处：《未来与发展》2022年第6期56-62,96,共8页Future and Development

基　　金：国家自然科学基金“知识产权保护、投资机会与高科技企业的创新投资——基于差异性高管特质的视角”(71672087)。

摘　　要：高科技企业是否将财务冗余投资于技术创新是近期的研究焦点。然而,相关文献的理论观点和实证结果并未得出统一的结论。本文首次基于实物期权理论,使用2012—2017年上市高科技企业为样本对此进行实证检验。研究结论发现在外部不确定性较高的时期,高科技企业不仅没有将财务冗余用于研发投入,而且将大量资金投资于收益更为确定的投机性不动产项目,证实了实物期权理论的适用性。区分所有制后发现,该时期国有高科技企业会将财务冗余投资于技术创新,但更偏好确定性更高的开发式创新;而多数民营企业的创新倾向较弱。Whether high-tech enterprises invest financial slack in technological innovation is the focus of recent research.However, the theoretical viewpoints and empirical results of relevant literature have not reached a unified conclusion. This paper is the first empirical test based on Real Option Theory, using listed high-tech enterprises from 2012 to 2017 as samples. The research result shows that in the period of high external uncertainty, high-tech enterprises do not only refuse to invest financial slack on R&D, but also invest a large amount of money in speculative real estate projects with more definite returns, which confirms the applicability of Real Option Theory. Further study shows that the relationship between financial slack and R&D investment is positive in SOEs, but not in POEs, but that SOEs are more likely to concentrate on exploitative innovations.

关 键 词：财务冗余 R&D投资 实物期权理论 高科技企业 

分 类 号：F275.1[经济管理—企业管理] F812.42[经济管理—国民经济] C939[经济管理—管理学]