研发投入、融资约束与财务风险

R&D Investment, Financing Constraints, and Financial Risks

选取了2018~2022年科创板上市公司面板数据,采用双固定效应模型、门限回归模型和调节效应模型深入研究了国有企业研发投入和企业财务风险二者之间的关联。结果发现:(1) 科创板研发投入与财务风险之间存在倒“U”型的非线性关系。(2) 融资约束在两者之间存在门限效应。(3) 公司成长性对于研发投入与财务风险的关系是削弱作用。上述研究发现为管理层进行研发投资战略管理提供经验证据,针对科创板企业成长性分析合理进行融资帮持,使其财务风险控制在合理的区间内。

We selected panel data of listed companies on the Science and Technology Innovation Board from 2018 to 2022 and conducted in-depth research on the relationship between research and development investment and financial risk of state-owned enterprises using double fixed effect models, threshold regression models, and moderating effect models. The results showed that: (1) there is an inverted “U” shaped nonlinear relationship between R&D investment and financial risk in the Science and Technology Innovation Board. (2) Financing constraints have a threshold effect between the two. (3) The relationship between R&D investment and financial risk is weakened by the company’s growth. The above research findings provide empirical evidence for management to conduct R&D investment strategic management, and provide reasonable financing support for the growth analysis of science and technology innovation board enterprises, so as to control their financial risks within a reasonable range.