摘要
由于信息不对称和低抵押品价值,研发投资面临严重的融资约束,并且在外部融资时具有不同资金依赖性。以2007-2011年沪深上市公司为样本,研究不同产业类型和所有制形式企业研发投资的融资约束情况,以及研发投资的外部融资依赖性。研究发现:上市公司研发投资的确存在着融资约束,其中,高新技术企业研发投资融资约束更为严重;国有企业比非国有企业研发投资融资约束低;与实物投资偏重债权性融资相比,研发投资更加依赖股权性融资,而且高新技术企业研发投资的股权性依赖更强。
High level information asymmetry and lack of collateral should make R＆D susceptible to financial constraints and having different preference for external financing. Basing on the Chinese public listed company data of 2007-2011, the paper theoretically and empirically studies the financial constraints encountered by R＆D of different industrial and different ownership company, and its external financing dependence. The empirical results reveal： R＆D of public-listed compa- ny indeed exists financial constraints, especially for the high-technology companies, state-owned companies indeed enjoy better financing environment than non-stated-owned companies. Comparing physical investment, R^D is more susceptible to rely on the equity financing than debt financing, especially for the high- technology companies. The research confirms the effect of the market failure on R＆D, and provides the support for the governmental intervening, in addition, the paper also confirms the development of financial market for the improvement of R＆D.
出处
《科技进步与对策》
CSSCI
北大核心
2014年第4期20-25,共6页
Science & Technology Progress and Policy
基金
山东省社科规划重点项目(09BJGJ36)
山东大学自主创新基金项目(IFW10023)
关键词
研发投资
融资约束
外部融资
高新技术企业
R＆D Investment
Financial Constraints
External Financing
High-technology Company
