经济政策不确定性下财务柔性对企业研发投资的影响——来自创业板上市公司的经验证据

The Influence of Financial Flexibility on R&D Investment under the Uncertainty of Economic Policy--Empirical Evidence from GEM Listed Companies

文中利用创业板上市公司的数据,围绕财务柔性研究了经济政策不确定性下其对企业研发投资的影响。研究发现,财务柔性在一定程度上促进公司研发投资,这种促进作用在经济政策不确定越高的情况下越明显;在经济政策不确定下,现金柔性政策和负债柔性政策均促进公司研发投资,负债柔性政策的促进作用更明显,相对于未采用组合柔性政策的企业来说,组合财务柔性政策更加促进企业研发投资。该研究一方面丰富了财务柔性与企业研发投资方面的理论,另一方面在政策变动频繁的情况下,对企业的研发投资以及政府制定政策时具有一定的启示。

Based on the data of GEM listed companies,this paper studies the impact of economic policy uncertainty on R&D investment of enterprises around financial flexibility.It is found that financial flexibility promotes R&D investment to a certain extent,which is more obvious when the economic policy uncertainty is higher;under the economic policy uncertainty,both cash flexibility policy and debt flexibility policy promote R&D investment,and debt flexibility policy has a more obvious role in promoting R&D investment,compared with enterprises without portfolio flexibility policy,portfolio Financial flexibility policy promotes R&D investment.On the one hand,this research enriches the theory of financial flexibility and R&D investment of enterprises,on the other hand,it has some enlightenment to the R&D investment of enterprises and the government when making policies under the condition of frequent policy changes.