摘要
本文以2005—2007年披露了R&D投入的汽车与机械制造业上市公司为样本,研究了企业资本结构与R&D投入的关系。实证结果显示,企业负债率与R&D投入呈显著正相关关系,这与理论假设相违背,这表明权益融资对于促进我国企业增加研发投入的效果并不明显。本文简要分析了出现这种现象的原因,并给出了相应的政策含义。
This paper explores the relationship between enterprise capital structure and R＆D input, making use of the disclosed data of R＆D input in listed companies of Chinese automobile manufacturing industry during the period of 2005-2007. The Empirical findings indicates that Debt ratio is significantly positive related to the R＆D input, which is violated to the theoretical assumptions and shows that equity financing doesnot promot corporate R＆D input effectively. This paper simply analyzes the reason for this phenomenon,and puts forword some relevant policy suggestions.
出处
《中国科技论坛》
CSSCI
北大核心
2010年第1期62-66,共5页
Forum on Science and Technology in China
关键词
资本结构
R&D投入
技术创新
capital structure
R＆D input
technological innovation
