宏观经济波动与企业R&D融资约束——来自中国上市公司的证据被引量：5

Macroeconomic Fluctuation and Financing Constraints of Firms' R&D Expenditure——Evidence from Listed Companies in China

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摘要本文重点考察宏观经济波动对于企业R&D投资所面临的融资约束的影响,构建了GARCH(1,1)模型测度宏观经济波动,并以企业R&D投资—现金流敏感性度量R&D支出所面临的融资约束程度.结果发现,宏观经济波动的加大具有强化上市公司R&D融资约束的效果,并且这种效果的强弱取决于企业自身的融资约束程度,宏观经济不确定性上升加剧了高融资约束样本组即非国有企业和中小企业R&D投入的融资约束;但对低融资约束样本组即国有企业和大企业这方面影响不显著. It focused on the impact of macroeconomic fluctuation on the financing constraints of firms＇ R＆D investment, and constructed GARCH （ 1, l ） model to measure the maeroeconomic fluctuation. It measured the dagree of financing constraints faced by R＆D spending on cash flow sensitivity of R＆D investment. The results find that macroeeonomic fluctuation generally makes R＆D expenditure of Chinese listed companies more sensitive to their cash flow. Further- more, the impact is depended on their own financing constraints degree. The macroeconomic uncertainty can increase the financing constraints on R＆D expenditure in those sample groups with high financing constraints degree, such as the non-state owned ones and SMEs, while this impact from macroeconomic fluctuation is not significant for those sample groups with low financing constraints degree, such as SOEs and large ones.

作者秦天程张铁刚

机构地区中央财经大学经济学院中央财经大学国际文化交流学院

出处《研究与发展管理》 CSSCI 北大核心 2016年第2期40-50,共11页 R&D Management

基金中央财经大学研究生科研创新基金资助项目

关键词宏观经济波动 R&D投资融资约束内源融资 macroeconomic fluctuation R＆D expenditure financing constraint internal financing

分类号 F273.1 [经济管理—企业管理]

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