摘要
本研究以2008-2014年间我国A股上市的制造业企业为研究样本,探讨了研发投入对企业融资约束的影响,以及风险投资在二者关系中所起的调节作用。研究结果表明,风险投资能够通过积极的参与以及有效的监督降低被投资企业的信息不对称性,从而缓解被投资企业由于研发投入增加所带来的融资约束。此外,分别从企业所处产品市场环境、企业特征以及风险投资特征三个维度所做的分析进一步佐证了本研究所得出的主要结论。本文为风险投资提升企业研发创新水平的机制研究提供了另外一种分析视角。
This paper investigates the association among R&D investment,venture capital and financial constraints by analyzing A-share listed manufacturers from 2008 to 2014. The empirical results show that venture capital could play a very important role in reducing the information asymmetry through active participation and effective supervision,thus easing the financial constraints caused by the increase of R&D investment. Furthermore,the main conclusion of this study is further verified by the analyses on the following three aspects:product and market environment,the enterprise characteristics and the venture capital features.
作者
陈三可
赵蓓
Chen Sanke;Zhao Bei(China Merchants Group Postdoctoral Research Station,Shenzhen 518067;School of Management,Xiamen University,Xiamen 361005)
出处
《管理评论》
CSSCI
北大核心
2019年第10期110-123,共14页
Management Review
基金
福建省社会科学规划项目(FJ2016B081)。
关键词
研发投入
风险投资
融资约束
信息不对称
R&D investment
venture capital
financial constraints
information asymmetry
