摘要
本文探讨了企业研发投入对其后续业绩的影响,并检验了企业的融资能力对这种影响的调节作用.利用中国工业企业数据库所提供的大样本数据,结果发现:研发投入能显著提升公司后续业绩;同时,公司融资能力越强,同等研发强度对后续业绩的提升越大.采用主营业务利润率和主营业务增长率两个指标度量公司业绩,同时考察后一期和后两期的业绩,研究结果具有稳健性.
It examined the effect of R&D investment on firms' subsequent performance, and the moderating role of firms' financing capability between them. Using large sample of Chinese Industrial Enterprise Database, it finds that R&D investment can significantly enhance firms' subsequent performance, and further inquiries reveal that the enhancement is more pronounced when firms can access financial resource easily. The results remain significant and robust when it used ahhernative measures of performance and defined subsequent periods differently ( "t + 1" or "t + 2" ).
出处
《研究与发展管理》
CSSCI
北大核心
2014年第3期1-11,共11页
R&D Management
基金
国家自然科学基金面上项目"债券融资
信用风险与公司治理"(71072004)
关键词
研发投入
融资能力
公司业绩
R&D investment
financing capability
corporate performance