创业板上市公司R&D投资融资约束的实证检验——现金流敏感性视角

Empirical Study of R&D Investment and Financing Constraints of Listed Companies on GEM from the Perspective of Cash Flow Sensitivity

以2012年12月31日前在深圳证券交易所上市的355家创业板上市公司2009年——2012年的面板数据为样本,检验其R&D投资的融资约束情况,发现创业板上市公司的R&D投资很难得到债权人资金的支持而依赖于内部资金。创业板上市公司要抓住上市的契机,利用资本市场的资金配置功能缓解R&D投资的融资约束,推动其R&D投入,更要改善经营管理,提高盈利能力,获得R&D投资的根本保障。

The study tests the financing constraint of R&D investments by taking an example of the panel data from 2009 to 2012 of 355 companies listed on GEMbefore December 31, 2012in Shenzhen Stock Exchange. It finds out that as it is difficult forcompanies listed on GEM to get financial support from creditors for their R&D investments, they have to rely on internal funds. These listed companies couldmake use of the capital allocation function of the capital market to ease the financing constraint and promote R&D investment, improve the management and profitability in ways that guarantee R&D investments fundamentally.