摘要
内源融资、债务融资和股权融资是企业不同的融资渠道,融资渠道对企业研发投入会产生不同的影响。文章选取2012年前沪深主板A股上市的574家公司为样本,通过搜集样本公司2015—2018年的面板数据,运用回归模型进行实证检验,实证结果表明内源融资与上市企业研发投入强度呈正相关关系,外部融资(债务融资、股权融资)与上市企业研发投入强度呈“倒U”型关系。
Internal financing,debt financing and equity financing are different financing channels for enterprises.The financing channels will have different impacts on R&D investment.This paper selects 574 companies listed on the A-shares of the Shanghai and Shenzhen Stock Exchanges before 2012.By collecting the panel data of the sample companies in 2015—2018,and using the regression model to conduct empirical tests,the empirical results show that:endogenous financing and R&D investment intensity of listed companies are of positive correlation,while external financing(debt financing,equity financing)and listed companies R&D investment intensity are“inverted U”.
作者
牟伟明
杨碧琪
MOU Weiming;YANG Biqi(Changzhou Institude of Technology, Changzhou 213032;College of Finance, Nanjing University of Finance and Economics, Nanjing 210000)
出处
《常州工学院学报》
2020年第2期46-51,共6页
Journal of Changzhou Institute of Technology
基金
江苏省软科学研究计划(BR2016009)。
关键词
融资渠道
研发投入
内源融资
外源融资
financing channel
R&D investment
internal financing
external financing
