作　　者： ; ; ;

机构地区： 暨南大学管理学院

出　　处： 《会计研究》 2013年第5期51-58,96,共8页

摘　　要： 融资渠道是影响企业R&D投资的关键因素。本文选取2007-2009在沪深交易所上市的并披露R&D费用的高新技术企业作为样本,检验这些企业是否存在融资约束问题以及对R&D投资的影响,并研究R&D投资和现金持有量之间的关系。研究结果表明:(1)中国的高新技术上市公司存在一定程度的融资约束,从而限制了R&D投资;(2)目前中国的高新技术上市公司在缺少债务融资的支持下,研发资金主要来源于内部现金流和股票融资;(3)R&D投资强度和现金持有量之间呈显著正相关,充足的资金具有一定的缓解融资约束的对冲效应。 Financing channels is a key factor which influence corporate R&D investment,but domestic scholars rarely concern about it. By using samples of the hi - tech listed companies which had disclosed R&D expenses during 2007 - 2009 in Shanghai and Shenzhen stock market,we tested the R&D investment of these companies whether they confronted with financing constraints and its affection on R&D investment,and we also tested the relationships between R&D investment and cash holdings. The results show that: ( 1) China's hi - tech listed companies exist certain financing constraint problems and thus restricting the R&D investment; ( 2) Without the support of debt financing,China's hi - tech listed companies have to depend on two main financing sources presently: internal cash flow and equity financing; ( 3) The relationship between R&D investment intensity and cash holdings are significantly positive; sufficient cash have a certain buffering effect on R&D financing constraints.

关 键 词： 投资 融资约束 现金持有量 高新技术上市公司

领　　域： [经济管理]