作　　者： ; ;

机构地区： 中南财经政法大学会计学院

出　　处： 《科技进步与对策》 2013年第16期90-95,共6页

摘　　要： 上市企业的R&D活动往往被忽视,从融资来源偏好角度,分析了2009-2011年中国918家沪深A股上市公司R&D活动投入的影响因素。借助GMM估计方法研究发现,内源融资偏好程度较高、债权融资偏好程度较低的上市公司从事R&D活动的意愿更强,而权益融资方式偏好对于上市公司R&D活动投入的作用不显著,内源融资对民营上市公司R&D活动投入有显著促进作用,而股权融资对国有上市公司R&D活动投入存在抑制作用。 Listed companies in R＆D activities are often neglected, this paper analyzes the influencing factors on the per- spective of the sources of financing preference on Shanghai and Shenzhen A-share listed 918 companies for the period 2009- 2011. With GMM method, this paper found that： Endogenous financing preference degree of higher, debt financing pref- erence degree of lower-listed companies tend to invest more R＆D funding for expenditures, while equity financing ways Preferences for listed companies in R＆D activities of investment is not significant. Further found that endogenous finan- cing of private listed companies have a significant role in promoting investment in R＆D activities while equity financing of state-owned listed companies exhibit the presence of inhibition.

关 键 词： 融资偏好 上市公司 投入 内源融资 权益融资

领　　域： [经济管理] [经济管理]