| 战略性新兴产业研发投资的融资约束与融资渠道特征——基于多层次资本市场面板数据的经验分析 |
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| 引用本文： | 乔军华.战略性新兴产业研发投资的融资约束与融资渠道特征——基于多层次资本市场面板数据的经验分析[J].科技管理研究,2016(2):123-129. |
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| 作者姓名： | 乔军华 |
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| 作者单位： | 上海师范大学商学院,上海,200234 |
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| 基金项目： | 国家自然科学基金项目“企业研发网络优化、技术创新能力演进及其相互促动机制的研究”(71132006) |
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| 摘 要： | 基于主板市场、中小板和创业板市场上战略性新兴产业上市公司2011—2013年间的面板数据,对企业RD投资的融资约束与融资渠道依赖特征进行了实证研究。研究发现,企业的RD投资对现金流存在依赖性和融资约束效应,但是新兴市场板块(中小板和创业板)的融资约束与主板市场差异并不显著;企业的研发投资存在内源融资依赖性,内源资金是RD投资的主要资金来源,而且新兴市场板块企业RD投资的内源融资依赖性弱于主板市场。
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| 关 键 词： | 战略性新兴产业 融资约束 内源融资依赖效应 新兴市场板块 多层次资本市场 |
| 收稿时间： | 2014/11/25 0:00:00 |
| 修稿时间： | 2014/12/5 0:00:00 |
The Financial Constraints and Financial Channel of R D Investment of Strategic Emerging Industry: An Empirical Research Based on Panel Data from Multi-level Capital Market |
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| Abstract: | Based on the panel data of listed companies in strategic emerging industries among the year 201 1 —201 3,this paper studies how financial channels and financial constraints affect the company's R&D investment.The result shows that, under the multi -level capital market environment,R&D investment is restrained by the company’s cash flow,which means financial constraints affect the exist in R&D investment;but the financial constraints effect is not significantly differ-ent between the emerging board market and main board market.R&D investment has a kind of internal -funding -rely effect,which means internal financial channel is the main funding source of R&D investment.The internal -funding -rely effect on the emerging board market is weaker than the main board market significantly. |
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| Keywords: | strategic emerging industry financial constraints internal -funding -rely effect emerging board market multi -level capital market |
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