| 融资约束对R&D投资周期特征影响的机理研究 |
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| 引用本文： | 李翘楚,成力为.融资约束对R&D投资周期特征影响的机理研究[J].科学学研究,2019,37(6):1022-1032. |
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| 作者姓名： | 李翘楚 成力为 |
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| 作者单位： | 1. 大连理工大学
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| 基金项目： | R&D资金配置主体技术选择协同与配置效率提升机制研究:产品空间理论视角;新技术环境下的组织创新研究;调结构与稳增长关系研究;金融创新与技术创新协同机制研究 |
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| 摘 要： | 摘要：在Aghion企业投资结构周期性模型的基础上，考虑了现金持有对融资约束存在时R&D投资周期特征的影响，分析了融资约束和现金持有对企业R&D投资周期特征的影响机理，并用2005-2014年世界97个国家和地区17022个企业的面板数据进行实证检验得到：一，不考虑融资约束时，中国和发展中国家企业R&D投资的周期特征不显著，发达国家企业R&D投资呈现逆周期特征。二，考虑到融资约束，无论中国、发展中国家还是发达国家企业，R&D投资均逆经济周期，但高融资约束只会使中国和发展中国家企业的R&D投资变为顺周期，且高现金持有对R&D投资的周期特征影响不显著，而发达国家企业的高现金持有确保了R&D投资的逆周期特征。三，中国和发展中国家企业的R&D投资仅在繁荣期存在逆周期性，低迷期由于过高的流动性风险停止R&D投资，从而R&D投资无显著周期性且高融资约束不会在低迷期显著影响R&D投资，而发达国家企业R&D投资在繁荣期和低迷期均具有逆周期性；高现金持有在低迷期对中国、发展中国家和发达国家企业的R&D投资均无显著影响，将在一定程度上影响全球资金配置效率与全要素生产率提高，应引起高度重视。
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| 关 键 词： | R&D投资 经济周期 融资约束 国际比较 |
| 收稿时间： | 2018-05-17 |
Effects of financial constraints on the cyclicality of R&D investment under |
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| Abstract: | Abstract: Extending enterprises’ cyclic structure of investment built by Aghion, we analyze the cyclicality of R&D investment of enterprises in countries of different types, using panel data of 17022 enterprises in 97 countries and regions in the world during 2005-2014. The following conclusions are drawn. Firstly, not considering financial constraints, enterprises’ R&D investment of Chinese and developing countries is acyclic, while R&D investment of developed countries is counter-cyclical. Secondly, considering financial constraints, enterprises’ R&D investment of Chinese and of both developed and developing countries is counter-cyclical. The high financing constraints only turn R&D investment of Chinese and developing countries’ enterprises into pro-cyclical, and the high cash holding has no significant impact on the cyclicality of R&D investment of Chinese and developing countries’ enterprises. However, the high cash holding ensures counter-cyclical R&D investment in developed countries. Finally, R&D investment of Chinese and developing countries’ enterprises is counter-cyclical only during boom and acyclic during downturn because excessive liquidity stops R&D investment. R&D investment of developed countries is counter-cyclical during boom and downturn. The high financing constraints mainly increase R&D investment of Chinese enterprises during boom. High cash holdings don’t affect Chinese, developing and developed enterprises' R&D investment during downturn. |
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