融资约束、经济周期与研发投入被引量：5

Financial Constraint,Business Cycle and R&D Expenditure

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摘要本文在两期世代交替模型中引入融资约束,考察研发投入的周期特征。研究发现,在完善的金融市场中,机会成本效应导致研发投入逆周期变化,而在不完善的金融市场中,当融资约束程度较高、足以抵消机会成本效应的影响时,研发投入顺周期变化,且融资约束程度越高,研发投入水平越低,其顺周期变化的特征越明显。随后,本文利用55个国家和我国30个省市的面板数据与Sys-GMM方法,对理论分析结论进行了考察与验证。 This paper investigates the cyclical characteristic of R＆D expenditure from the aspect of financial constraint and finds that the existence of financial constraint has changed its counter-cycli- cal characteristics caused by opportunity effect. When financial constraint is enough tight to offset the impact of opportunity effect, R＆D expenditure moves pro-cyclically. The tighter financial con- straint is, the lower level of R＆D expenditure, and it shows more obvious pro-cyclical characteris- tic. At last, this paper examines the theoretical result based on the panel data of 55 countries and 30 provinces of China.

作者程惠芳文武

机构地区浙江工业大学经贸管理学院浙江理工大学经济管理学院

出处《浙江工业大学学报（社会科学版）》 2015年第3期241-248,共8页 Journal of Zhejiang University of Technology：Social Sciences

关键词研发投入经济周期融资约束周期特征 R＆D expenditure business cycle financial constraint pro-cyclical

分类号 F202 [经济管理—国民经济]

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