作　　者： ; ;

机构地区： 中山大学管理学院

出　　处： 《中国会计评论》 2010年第3期341-362,共22页

摘　　要： 本文在系统总结了企业R＆D投资与内部资金关系的相关理论与经验证据的基础上，对我国上市公司R＆D投资进行了实证分析，研究发现：R＆D投资会因为其特殊性质而造成企业与外界严重的信息不对称，进而得不到债权人资金的支持而依赖于企业内部资金；目前我国企业投资与内部资金不存在U形关系；股权结构会影响我国企业投资与内部资金之间的关系，股权的集中有助于企业充分配置内部资金进行R＆D投资，并能减少固定资产投资中的代理问题。本文的结论有助于我国企业R＆D的投融资实践，并为国家深化企业自主创新与金融体制发展提供了理论基础和决策依据。 At present, Chinese enterprises face many challenges for restructuring and upgrading. R＆D investments as a significant way to change mode for economic development are widely explored in Chinese enterprises. R＆D investments have great significance on our economic development. Increased investment on R＆D not only can improve the current investment structure, change the investment direction, alleviate many problems caused by overheated investment in fixed assets, but also conducive to the future survival and development of Chinese firms and China＇s long term economic development. Based on the latest theories and empirical evidence of R＆D investment and internal finance, this paper has an empirical analysis on R＆D investments of Chinese listed companies in the setting of transition economy. We find that, R＆D investment accounted for a lower ratio of total investment in our research samples, physical investment is still a major component. This also indicates that there is a great room for R＆D investment growth in near future. The variance of physical investment is greater than the variance of R＆D investments. This means RS＆D investment has higher adjustment costs than physical investment. So R＆D investment may dependent more on permanent cash flow. Additionally, because of R＆D special nature, there is a serious information asymmetry between enterprise and outside world. Thus R＆D investment without support of creditors and have to dependent on internal finance heavily. By contrast, physical investment has the support of creditors. Especially, R＆D investment in the high-tech companies depends more on internal finance than that of in the non-high tech companies. In our present circumstances, investment and internal finance does not exist U shaped relationship. Additionally, ownership structure has an effect on the relationship between R＆D investment and internal finance. Moreover, the concentration of ownership can help the enterprises to fully configure the internal finance for R＆D inves

关 键 词： 投资 内部资金 信息不对称 融资约束 股权结构

领　　域： [经济管理]