融资约束对科技型中小企业R&D投资效率的影响——来自中小板科技型企业的经验证据被引量：10

Effects of Financing Constraints on the R&D Investment Efficiency of Tech-SMEs :Empirical Evidence from Science and Technology Enterprises of the SME Board

下载PDF

导出

摘要以2010-2014年深市中小板中的165家科技型企业数据为研究依据,利用二元Logistic模型构建融资约束指数,在Richardson投资支出模型改进的基础上测度科技型中小企业R&D投资效率,并对融资约束对科技型中小企业R&D投资效率的影响进行实证检验。研究表明:科技型中小企业的非效率R&D投资主要源于R&D投资不足;R&D投资不足企业融资约束的加剧会降低其R&D投资效率,R&D投资过度企业融资约束的客观存在可有效缓解企业的委托代理问题进而提高其R&D投资效率;较好的财务能力能够缓解科技型中小企业面临的融资约束;国有性质的科技型中小企业R&D投资效率较低;规模较大的科技型中小企业具有更高的R&D投资效率。 We take 165 science and technology enterprises from the SME Board in Shenzhen stock market from 2010 to 2014, and use Binary Logistic Model to build the financing constraints index. The measure of tech - SMEs＇R＆D investment efficiency is based on a modified Richardson Investment Expenditures Model, by which we theoretically analyze and empirically test the effects of financing constraints on tech - SMEs＇R＆D investment efficiency. We find that the inefficiency of the R＆D investment of tech - SMEs is mainly caused by the insufficient R＆D investment. When there is insufficient R＆D in- vestment, the tightening financing constraints will reduce teeh -SMEs＇R＆D investment efficiency. When there is R＆D over - investment, the existence of financing constraints can effectively solve the principal - agent problem and improve the efficiency of R＆D investment. Further research finds that the enterprises in better financial position have looser financing constraints; State- owned tech -SMEs have lower R＆D investment efficiency; Larger- scale teeh -SMEs have higher R＆D investment efficiency.

作者胡海青孟凡玲张琅

机构地区西安理工大学经济与管理学院

出处《科技管理研究》 CSSCI 北大核心 2016年第10期99-105,112,共8页 Science and Technology Management Research

基金国家自然科学基金项目"网络能力企业孵化网络与被孵企业创新绩效关系研究"(70972053) 国家软科学研究计划项目"资源型企业海外并购绩效评价风险测度及对策研究"(2014GXS4D153) 陕西省软科学研究项目"陕西省‘十三五’文化与科技融合发展战略研究"(2014KRM2-16)

关键词融资约束 R&D投资效率科技型中小企业中小板科技型企业 financing constraints R＆D investment efficiency tech - SMEs science and technology enterprises from SME Board

分类号 F275 [经济管理—企业管理] F276.3 [经济管理—企业管理]

引文网络
相关文献

参考文献21

1MODIGLIAN F,MILLER M H.The cost of capital,corporation finance and the theory of investment[J].The American economic review,1958:261-297.
2GOERGEN M,RENNEBOOG L.Investment policy,internal financing and ownership concentration in the UK[J].Journal of Corporate Finance,2001,7(3):257-284.
3SAVIGNAC F.Impact of financial constraints on innovation:what can be learned from a direct measure?[J].Econ.Innov.New Techn,2008,17(6):553-569.
4SASIDHARAN S,LUKOSE P J J,KOMERA S.Financing constraints and investmentsin R&D:Evidence from Indian manufacturing firms[J].The Quarterly Review of Economics and Finance,2015(55):28-39.
5唐清泉,徐欣.企业R&D投资与内部资金——来自中国上市公司的研究[J].中国会计评论,2010,8(3):341-362. 被引量：97
6刘飞,王开科.我国中小板上市公司是投资不足还是投资过度？[J].经济评论,2014(4):122-135. 被引量：15
7JENSEN M C,MECKLING W H.Theory of the firm:Managerial behavior,agency costs,and ownership structure[J].Journal of Fianancial Economics,1976,3(4):305-360.
8ROSENSTEIN S,WYATT J G.Shareholder wealth effects when an officer of one cor-poration joins the board of directors of another[J].Managerial and Decision Economics,1994,15(4):317-327.
9DENIS D J,SIBILKOV V.Financial constraints,investment,and the value of cash holdings[J].The Review of Financial Studies,2010,23(1):247-269.
10HOVAKIMIAN G.Financial constraints and investment efficiency:Internal capital allo-cation across the business cycle[J].Journal of Financial Intermediation,2011,20(2):264-283.