负债融资柔性、会计稳健性与企业研发投入  

Debt Financing Flexibility,Accounting Conservatism and Corporate R&D Investment

作　　者：王亚菲 李刚[1] WANG Yafei;LI Gang(School of Economics and Management,Taiyuan University of Technology,Jinzhong 030600,China)

机构地区：[1]太原理工大学经济管理学院,山西晋中030600

出　　处：《技术与创新管理》2022年第4期453-459,共7页Technology and Innovation Management

基　　金：2019年度山西省科协科技创新智库建设定向委托课题“《国家中长期科学和技术发展规划纲要(2006—2020年)》中部地区(山西、河南、江西、湖北、湖南省)实施情况评估”(KXKT201920)。

摘　　要：利用2016—2020年深市创业板制造业上市企业数据,通过多元线性回归模型实证分析负债融资柔性与企业研发投入之间的关系,并检验会计稳健性在两者之间的调节作用。研究发现企业研发投入和负债融资柔性的平均值分别为0.068,0.097,创业板制造业企业普遍具有一定的负债融资柔性,研发投入水平较高;会计稳健性最小值为-0.493,最大值达1.327,企业间会计稳健性差异较大;负债融资柔性与企业研发投入显著正相关,加入会计稳健性后,负债融资柔性与企业研发投入相关性显著降低,会计稳健性在两者间发挥负向调节作用。结果表明:企业研发水平受到内外部条件的共同制约,会计稳健性并非越高越有利,保持适当的负债融资柔性并且维持适度的会计稳健性水平更有助于激励企业开展研发活动。Using the data of listed manufacturing enterprises on Shenzhen ChiNext from 2016 to 2020,the relationship between debt financing flexibility and enterprise R&D investment is empirically analyzed through a multiple linear regression model,and the moderating effect of accounting conservatism between the two is tested.The research finds that the average value of R&D investment and debt financing flexibility of enterprises are 0.068 and 0.097 respectively.The GEM manufacturing enterprises generally have a certain degree of debt financing flexibility,and the level of R&D investment is relatively high;The minimum value of accounting conservatism is-0.493,and the maximum value is 1.327,the accounting conservatism among enterprises varies greatly;Debt financing flexibility is significantly positively correlated with corporate R&D investment.After accounting conservatism is added,the correlation between debt financing flexibility and corporate R&D investment is significantly reduced,and accounting conservatism plays a negative adjustment role between the two.The results show that the level of corporate R&D is constrained by both internal and external conditions,accounting conservatism is not the more favorable it is,and maintaining appropriate debt financing flexibility and maintaining a moderate level of accounting conservatism are more conducive to motivating enterprises to carry out R&D activities.

关 键 词：工商管理 负债融资柔性 会计稳健性 研发投入 财务杠杆水平 内部治理 创业板制造业 

分 类 号：F426[经济管理—产业经济]