| 高新技术企业融资约束与R&D投资和企业成长性的相关性研究 |
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| 引用本文： | 顾群,翟淑萍.高新技术企业融资约束与R&D投资和企业成长性的相关性研究[J].财经论丛,2011(5):86-91. |
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| 作者姓名： | 顾群 翟淑萍 |
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| 作者单位： | 1. 天津财经大学商学院,天津,300222
2. 天津财经大学统计学院,天津,300222 |
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| 基金项目： | 国家社会科学基金资助项目(10BJY103) |
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| 摘 要： | 本文在构建高新技术企业融资约束指数的基础上,理论分析并实证检验了高新技术上市公司融资约束与R&D投资和成长性的相关性。结果表明:融资约束程度越高的企业,R&D投资越低;融资约束程度高的高新技术企业R&D投资显著依赖内源融资,而融资约束程度低的高新技术企业R&D投资对内源融资并不具备依赖性;融资约束程度高的高新技术企业R&D投资对企业成长性的推动作用明显低于融资约束程度低的高新技术企业。
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| 关 键 词： | 高新技术企业 融资约束 R&D投资 内源融资 成长性 |
Correlations Between Financial Constraints and R&D Investment,Growth of Hi-tech Enterprises |
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| GU Qun,ZHAI Shu-ping.Correlations Between Financial Constraints and R&D Investment,Growth of Hi-tech Enterprises[J].Collected Essays On Finance and Economics,2011(5):86-91. |
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| Authors: | GU Qun ZHAI Shu-ping |
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| Institution: | GU Qun1,ZHAI Shu-ping2(1.Business School,Tianjin University of Finance and Economics,Tianjin 300222,China,2.School of Statistics,China) |
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| Abstract: | Producing the financial constraints index of hi-tech enterprises,the paper theoretically analyzes and empirically tests correlations between financial constraints and R&D investment,growth of hi-tech enterprises.The result shows that the more financial constraints an enterprise has,the less R&D investment is.The R&D investment mainly relies on internal financing as for enterprises that have more financial constraints,while enterprises with less financial constraints are the other way around.The motivation o... |
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| Keywords: | hi-tech enterprises financial constraints R&D investment internal financing growth |
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