| 异质债务、企业规模与R&D投入 |
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| 引用本文： | 温军,冯根福,刘志勇.异质债务、企业规模与R&D投入[J].金融研究,2011(1). |
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| 作者姓名： | 温军 冯根福 刘志勇 |
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| 作者单位： | 西安交通大学经济与金融学院; |
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| 基金项目： | 教育部人文社科项目(项目编号:09yjA790162)资助 |
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| 摘 要： | 本文在交易成本经济学的理论框架内纳入了异质债务因素,藉此研究了资本市场的异质债务结构、企业规模与其R&D投入的关系,并基于2004～2008年517家中国上市公司的数据对此进行了实证分析。结果表明:对于企业的R&D投资,以银行贷款为主的关系型债务是一种有效的治理机制;R&D投资密度越高的企业,关系型债务在总债务中的占比越高,较高的占比提高了企业的R&D投入效率;企业规模对这种关系存在显著的负调节效应,关系型债务对中小企业的重要性要显著高于大型企业。本文还就如何提高不同类型上市公司的自主创新能力提出了相应的政策建议。
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| 关 键 词： | 异质债务 R＆D投入 企业规模 |
Heterogeneous Debt,Company Size and R&D Input |
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| WEN Jun FENG Genfu LIU Zhiyong.Heterogeneous Debt,Company Size and R&D Input[J].Journal of Financial Research,2011(1). |
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| Authors: | WEN Jun FENG Genfu LIU Zhiyong |
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| Institution: | WEN Jun FENG Genfu LIU Zhiyong |
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| Abstract: | By introducing the factors of relational debt into the framework of transaction cost economics,the paper researches theoretically the match characteristics of R&D investments and heterogeneous debt and its effects on corporate performance,followed by empirical tests based on 517 enterprises of Chinese listed companies from 2004 to 2008.The result shows that relational debt is an effective governance mechanism for R&D investments, the more R&D investments are,the higher the ratio of relational debt to total ... |
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| Keywords: | heterogeneous debt R&D input company size |
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