战略性新兴产业融资约束对R&D投资的影响研究.pdf

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1、Abstractsuccessfulresearchanddevelopment(R&D)investmentactivitiescanhelptoimproveenterprise'scorecompetitiveness.Atpresent,theR&Dinvestmentofourcountryenterpriseisinsufficient,andtheR&Dintensityofstrategicemergingindustryismuchlowerthantheinternationallevel.thispapertrytoexploretheins

2、ufficiencyofR&Dinvestmentfromtheperspectiveoffinancingconstraints,inspectwhethertheinsufficiencyofR&Dinvestmentofstrategicemergingindustryisrestrainedfromthefinancingconstraints,andwhichfinancingchannelsconstraintheR&Dinvestment.Basedonreviewingrelatedliteratureathomeandabroad,thisart

3、icleanalysescurrentsituationoftheR&Dinvestmentfinancingconstraintsofstrategicemergingindustry,anddefinestheconceptofstrategicemergingindustries、financingconstraintsandR&Dinvestment,andaccordingtotheasymmetryinformationtheory、financingconstraintstheoryandagencytheoryputforwardtwohypoth

4、eses,financingconstraintindexofstrategicemergingindustryhaveanegativecorrelationwithR&Dinvestmentsignificantly、equityfinancinghaveapositivecorrelationwithR&Dinvestmentsignificantly,butdebtfinancinghaveanegativecorrelationwithR&Dinvestmentsignificantly.Thispaperselects198a-sharelisteds

5、trategicemergingindustrieslistedcompaniesastheresearchobject,selectsdatafrom2010-2013,atotalof792researchsamples.UsingmultiplelinearregressionanalysistheinfluenceoffinancingconstraintstoR&Dinvestmentandtheinfluenceofequityfinancing、debtfinancingtoR&Dinvestmentofstrategicemergingindust

6、ry.sincethedegreeoffinancingconstraintscannotbedirectlymeasured,thispaperconstructsthefinancingconstraintindexusingmultivariatefinancialindicatorsbyLogisticregressionanalysis.Empiricalstudyresultsshowthatfinancingconstraintsrestrictenterprise'sR&Dinvestmentofstrategicemergingindustrie

7、s,inthetwoexternalfinancingchannels,equityfinancinghasasignificantroleinpromotingR&Dinvestment,butdebtfinancinghasanegativeroleinpromotingR&Dinvestment.InordertoalleviatethedegreeoffinancingconstraintsoninhibitionofR&Dinvestment,IVputforwardforsomesuggestions,suchasincreasetheintensit

8、yoffi