高技术上市公司的财务风险、成长性与研发投入关系研究

Research on the Relationship Between Financial Risk,Growth and R&D Investment of High-tech Listed Companies

本文基于2013-2015年中小板高技术上市公司的数据,研究了企业财务风险对研发投入的抑制作用,并检验了成长性对这一关系的调节作用。结果表明:中小板高技术上市公司的财务风险抑制了研发投入,公司的成长性对财务风险与研发投入之间的关系起到正向调节作用,即成长性越高的企业,财务风险对研发投入的抑制作用越明显。

R&D investment is an important source of innovation performance.The high risk of R&D investment itself is an important factor restricting R&D investment of enterprises.On this basis,R&D investment of enterprises is also affected by many factors.Based on the data of small and medium-sized high-tech listed companies from 2013 to 2015,this paper studies the inhibitory effect of corporate financial risk on R&D investment,and tests the adjustment effect of growth on this relationship.The results show that the financial risk of small and medium-sized high-tech listed companies restrains R&D investment.The company's growth positively regulates the relationship between financial risks and R&D investment,in other words,the higher the growth of enterprises becomes,the more obvious financial risk has inhibition effect on R&D investment.