摘要
本文将资源依赖理论和网络资源理论整合到信息经济学的研究框架中,从认证效应和资源效应两方面来剖析研发合作关系对创新型企业银行贷款可得性的影响。本文以2009—2013年创业板上市公司为样本,检验发现：相比于未建立研发合作关系的企业,拥有研发合作关系的企业银行贷款可得性更高,主要体现在这类企业的银行贷款成本更低,并能获得更多的长期贷款;并且,在轻资产运营程度较高以及拥有较少研发专利的企业中,研发合作关系对银行贷款可得性的促进作用更大。进一步地,以拥有研发合作关系的企业为样本,研究发现研发合作关系的多样性对企业的银行贷款可得性也有显著的促进作用。此外,研发合作关系还具有资源配置功能,能促使企业将获得的长期贷款用于后续研发投入。
This study integrates the resource dependence theory and network resource theory into the framework of information economics, and discusses the impact of R＆D alli- ance on the loan availability of innovative firms from the perspective of certification effect and the resource effect. Using the sample of listed firms in Chi-next from 2009 to 2013, we find that the innovative firms with R＆D alliance have a higher level of loan availability compared to those without the R＆D alliance, namely a lower cost of bank loan and a higher availability of long-term loan. In addition, the level of asset-light and the number of patents have a nega- tive moderation effect on the relation between R＆D alliance and the loan availability. Further analysis shows that diversity of R＆D alliance has a positive impact on the loan availability. And the R＆D alliance owns the function of resource allocation toward innovative firms, which will facilitate the long-term loan being used to R＆D investment.
出处
《中国会计评论》
CSSCI
2017年第3期363-384,共22页
China Accounting Review
基金
国家自然科学基金项目(71472168)的资助
