摘要
以2014—2017年的上市公司为样本,探讨了商业信用对企业研发投入的影响,以及在企业不同生命周期的反应。实证研究发现对于企业商业信用的获取与研发投入之间呈倒U型的关系,并且不同生命周期阶段的企业对其产生不同的反应。商业信用融资与成长期企业研发投入呈较强的倒U型关系,与成熟期企业呈正相关关系,与衰退期企业研发投入并没有显著关系。
Taking listed companies from 2014 to 2017 as samples,this paper explores the impact of business credit on R&D investment of enterprises and the response of enterprises in different life cycles.Empirical research finds that there is an inverted U-shaped relationship between business credit and R&D investment,and there are differences of the effects for enterprises in different life cycle stages.Business credit financing has a strong inverted U-shaped relationship with R&D investment of growing enterprises,a positive correlation with mature enterprises,and no significant relationship with R&D investment of declining enterprises.
作者
池仁勇
项靖轩
CHI Renyong;XIANG Jingxuan(China Institute for Small and Medium Enterprises,Zhejiang University of Technology,Hangzhou 310023,China;College of Management,Zhejiang University of Technology,Hangzhou 310023,China)
出处
《科技与经济》
2020年第2期56-60,共5页
Science & Technology and Economy
基金
国家社会科学基金项目——“大数据背景下中小微企业征信体系的理论与方法”(项目编号:17ZDA088,项目负责人:池仁勇)成果之一。
关键词
商业信用
研发投入
企业生命周期
business credit
R&D investment
business life cycle
