摘要
以中国生物医药行业上市公司2010年—2012年数据为样本,实证检验发现,企业R&D投资与企业自身现金流量显著正相关,与股权融资正相关,与债权融资负相关,但不显著。企业所在地市场环境差异对R&D投资和融资约束具有显著影响。
In this paper, we choose Chinese biological medicine industry listed companies from 2010 to 2012 as the sample and make an empirical research of the relationship between the internal financing constraints, the external market environment and R＆D investment. The empirical results show that： there was significantly positive relation between enterprise＇ s R＆D investment and cash flow. R＆D investment is positively related with equity financing and negatively related to debt financing. The difference of market environment has a significant effect on the R＆D investment and financing constraints.
出处
《科技管理研究》
CSSCI
北大核心
2015年第22期98-102,共5页
Science and Technology Management Research
关键词
融资约束
市场环境
R&D投资
生物医药上市公司
financing constraints
market environment
R＆D Investment
biological medicine listed companies
