融资约束与企业创新投资--现金流敏感性--基于企业R＆D异质性视角

Financial Constraints and Innovation Investment-Cash Flow Sensitivity:Based on R&D Heterogeneity

企业R&D投资—现金流敏感性是投资理论研究的重要组成部分。本文基于R&D异质性角度,把R&D投资区分为探索式创新投资和常规式创新投资。运用《企业会计准则》(2006)之后中国A股上市公司R&D投资数据和q投资模型,研究发现:企业创新投资依赖内部资金;探索式创新投资—现金流敏感性高于常规式创新投资—现金流敏感性;融资约束程度与创新投资—现金流敏感性的关系是单调的;政府没有对探索式创新投资进行差异性科技补贴。本研究不仅体现了新的研究视角,丰富了投资—现金流敏感性研究领域的相关文献,而且还为企业的创新融资和政府的科技补贴提供了决策参考。

Innovation Investment -cash flow sensitivity is one important component in investment theory research. Base on the heterogeneity, we put the innovation investment behaviors into exploratory innovation investment and routine innovation investment. Using pooled cross - section data and q model, our analyses prove that R＆D investment may dependent on internal funds, and the investment -cash flow sensitivity is larger for exploratory innovation compared to routine innovation. We also exam the monotonicity betweem investment- cash flow sensitivity and financial constraint, which shows that there is a monotonicity relationship between financial constraint and investment - cash flow sensitivity. The government failed to give exploratory innovation investment subsidy differently compared with routine innovation. This paper not only provides new research thoughts, but also has important policy implications with respect to firm＇ s R＆D strategies and government＇ s R＆D subsidies.