R&D投资与经营风险

R&D Investment and Business Risk

选取2007-2016年沪深两市A股上市公司为样本,以检验研发活动对企业经营风险的影响及程度。研究发现:R&D投资增加了企业经营风险;不同行业企业R&D投资所产生的经营风险具有明显差异,高技术行业R&D投资导致的经营风险更低;融资约束通过改变企业的创新方式,削弱了 R&D投资与经营风险之间的关系,且该削弱作用在非国有企业之间更为显著;国有产权制度会弱化R&D投资对经营风险的正效应,国有企业研发活动所产生的经营风险较非国有企业更低。

Using a sample of all Chinese A-share listed companies from 2007 to 2016,examines the relationship between R&D investments and business risk.The empirical results show that:R&D investments are positively associated with business risk;Business risk arising from R&D investments are significantly different in different industries,compared to low disruptive industries,business risk resulting from R&D investments for high-tech industries are lower;Financing constraints change the relationship between R&D investments and business risk by transforming the way of innovation,compared to firms that face financing constraints,firms that do not face financing constraints will exhibit higher business risk,and this effect is even more pronounced among non-state-owned enterprises;State-owned property rights system will weaken the positive association between R&D investments and business risk,compared to non-state enterprises,the business risk arising from R&D investments for state-owned enterprises is lower.