| 我国企业R＆D投资密度与融资政策的相关性研究 |
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| 引用本文： | 李丽青. 我国企业R＆D投资密度与融资政策的相关性研究[J]. 改革与战略, 2008, 24(8): 134-137 |
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| 作者姓名： | 李丽青 |
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| 作者单位： | 广东商学院,广东,广州,510320 |
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| 摘 要： | 西方的融资决策理论认为，R＆D投资与企业的融资政策有着高度的相关性，R＆D投资会影响到企业的融资政策的选择。文章构建我国企业R＆D投资密度与融资政策的关系模型，以2006年上市公司的年报数据为样本，实证检验了我国企业R＆D投资与融资政策的关联性。实证结果表明，我国企业R＆D投资与融资政策显著相关，R＆D投资密度高的企业显示出低财务杠杆水平及高比例的短期负债水平。
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| 关 键 词： | R&D投资密度 融资政策 负债融资 权益融资 |
The Correlation Research of R&D Intensity and Corporate Financial Policy in China |
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| Li Liqing. The Correlation Research of R&D Intensity and Corporate Financial Policy in China[J]. Reformation & Strategy, 2008, 24(8): 134-137 |
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| Authors: | Li Liqing |
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| Affiliation: | Li Liqing (Guangdong University for Business Studies,Guangzhou,Guangdong 510320) |
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| Abstract: | The Western financial policy theory realizes that the R&D investment has a high relativity with the financial policy, that is, the R&D investment will affect the financial policy. This paper established the model of the R&D intensity and the financial policy, and then examined the relativity on the R&D investment and the financial policy by using the data of the listed companies of 2006. The empirical results shows that R&D-intensive firms exhibit a lower leverage levels, a shorter debt maturity. |
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| Keywords: | R&D intensity the financial policy debt financing equity financing |
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