作　　者： ;

机构地区： 厦门大学

出　　处： 《财经论丛》 2010年第3期71-78,共8页

摘　　要： 文章以1999～2006年中国上市公司为样本,从企业微观层面出发,实证检验了债务约束和负债来源对公司R&D投资的影响。结果发现:负债融资与公司R&D投资强度显著负相关;不同负债融资来源对公司R&D投资强度影响不同,相对于银行借款而言,商业信用更难以为高风险的R&D投资提供资金来源;上市公司实际控制人的类型不同,负债融资对其R&D投资强度的影响也不同,与国有产权控股的上市公司相比,私有产权控股的上市公司中,负债对R&D投资的约束力更强。 With the data of the listed companies during 1999 - 2006, the paper analyzes and demonstrates the impact of debt fraaneing and sources of debt on R ＆ D investment to listed companies. The resuhs show that there is a significantly negative relationship between debt ratio and R ＆ D investment. In the respect of the source of debt, there are more significant relationships between credit and R ＆ D investment than that between banks＇ loans. The relationships between debt ratio and R ＆ D investment are more significant in private companies than that in stated companies.

关 键 词： 负债融资 负债来源 产权性质 投资

领　　域： [经济管理] [经济管理]