摘要
构造了高新技术上市公司R&D投资的融资约束模型,利用2008—2011年我国沪深两市A股高新技术上市公司的财务数据,从R&D投资对现金流的敏感性的视角,实证分析了高新技术上市企业R&D投资面临的融资约束,并进一步按企业规模和所有权的不同将样本企业分组进行回归分析。研究结果显示:R&D投资面临明显的融资约束,依赖于企业内部现金流量;相比大型高新技术企业,中小型高新技术企业的R&D投资更依赖其内部现金流量,面临更严重的外部融资困境;相比国有控股高新技术企业,非国有控股高新技术企业的R&D投资面临更严重的融资约束。提出:在转型经济背景下,我国政府应着力建设、完善与高新技术企业相匹配的多层次融资体系,缓解企业的融资约束,促进企业研发投入增加。
Using the financial data of China＇s high-tech listed companies during 2008-2011 ,this paper constructs a regression model and analyzes empirically the financing constraint of R＆D investment of high-tech listed companies from the perspective of the sensitivity of investment to cash flow. Then according to scale and ownership,it groups the sample to make the regression analysis. The result shows as follows：R＆D investment is particularly dependent on internal cash flow,and there is a significant financing constraint phenomenon;small and medium-sized high-tech enterprises＇ R＆D investment is more dependent on internal cash flow, and is faced with more serious external financing; the financing constraint of R＆D investment of non-state-owned high-tech enterprise is more serious than that of state-owned high-tech enterprises. Finally, it proposes that,in the background of transition economy, the government should focus on building the multi-level financing system matching with high-tech enterprises to ease enterprisesr financing constraints.
出处
《技术经济》
CSSCI
2013年第8期15-20,共6页
Journal of Technology Economics
基金
国家自然科学基金项目"基于样本外追踪效果的股票市场指数优化复制问题研究"(71171158)
陕西师范大学人文社会科学研究基金"金融发展
科技进步与经济增长"(10SYB06)资助
关键词
高新技术企业
融资约束
R&D投资
high-tech enterprise
financing constraint
R ＆ D investment
