摘要
突破以往融资约束度量单一和度量方法局限问题,从现金流敏感性和多元判别值两个角度,研究融资约束下我国制造业企业研发投资的周期性特征。研究表明:融资约束对制造业企业研发投资的顺周期性影响显著;同时,研发投资顺周期性的融资约束效应远大于导致逆周期性的机会成本效应。因此,增加逆周期研发投资,有利于实现经济复苏与可持续增长。
Breaking through the single and limited measurement of financial constraints in previous studies, we study the periodic characteristics of the R＆D investment of Chinese manufacturing enterprises under financial constraints from the two angles of flow sensitivity and multivariate discrimination. State shows that financial constraint is of great affect on the pro-cyclical R＆D investment of Chinese manufacturing enterprises. Meanwhile, R＆D investment＇s financial constraint effect which leads to pro-cyclical R＆D investment is larger than the opportunity cost effect which contributes to counter-cyclical R＆D investment. Therefore, improving the counter-cyclical R＆D investment favors the economic resurgence and sustainable growth.
出处
《改革》
CSSCI
北大核心
2013年第10期54-60,共7页
Reform
基金
教育部人文社会科学研究一般项目“监管约束下的银行资本调整与风险承担行为研究--基于银行资产配置策略的视角”(批准号:12YJA790078)
辽宁省社会科学规划基金项目“关于构建大连区域性国际金融中心的思路与取向”(批准号:L11BJL003)。
关键词
制造业研发投资
企业融资约束
制造业效益
R＆D investment of manufacture, financial constraints of enterprises, efficiency of manufacture
