煤炭企业融资约束、研发投入与市场表现

Financing Constraints, R&D Investment and Market Performance

融资约束深刻影响着煤炭企业的研发投入决策,进而影响煤炭企业的市场表现。以行为金融理论中的投资者情绪、迎合理论等作为基础,选取2010-2019年中国A股煤炭企业上市公司作为样本,探究研发投入对股票市场表现的影响以及融资约束对这种影响的调节作用。研究表明:煤炭企业的融资约束会抑制企业的研发投入;研发投入的增加会促进股票的市场表现;融资约束水平对研发投入影响市场表现具有正向调节作用,研究结果可指导煤炭企业正确面对研发过程中面临的融资约束问题不断提升市场表现。

Financing constraints have a profound impact on coal enterprises′R&D investment decisions,and in turn affect the coal enterprises′ market performance. Based on investor sentiment and catering theory in behavioral finance theory, selects China′s A-share non-financial listed coal enterprises from2010 to 2019 as a sample to explore the impact of R&D investment on stock market performance and the regulating effect of financing constraints on this impact. The research shows that: firstly, coal enterprises′financing constraints will inhibit corporate R&D investment;secondly, the increase in R&D investment will promote the market performance of stocks;thirdly,the level of financial constraints has a positive regulatory effect on the impact of R&D investment on market performance, the research results can guide coal companies to correctly face the financing constraints faced in the R&D process and continuously improve market performance.