负债对企业创新投资模式的影响—基于R&D异质性的实证研究

科研管理 ›› 2014, Vol. 35 ›› Issue (10): 77-85.

负债对企业创新投资模式的影响—基于R&D异质性的实证研究

肖海莲¹, 唐清泉², 周美华²

1. 华南师范大学经济与管理学院, 广东广州 510006;
2. 中山大学管理学院, 广东广州 510275

收稿日期:2013-06-21 修回日期:2014-03-31 出版日期:2014-10-25 发布日期:2014-10-23
作者简介:肖海莲（1977-），男，江西永新人，讲师，研究方向：财务理论与会计控制，创新投资与风险管理。
唐清泉（1960-），男，四川蓬溪人，教授博导，研究方向：财务理论与会计控制，价值链管理与研发创新。
基金资助:
国家自然科学基金项目《我国企业R&D创新投入的风险与有效性研究》（70772084）、广东省哲学社会科学规划项目《企业转型创新能力的机制研究》（GD13CGL06）。

The impact of debt on firms’ innovation investment mode:An empirical research on R&D heterogeneity

Xiao Hailian¹, Tang Qingquan², Zhou Meihua²

1. School of Economics & Management, South China Normal University, Guangzhou 510006, Guangdong, China;
2. Business School, Sun Yat-Sen University, Guangzhou 510275, Guangdong, China

Received:2013-06-21 Revised:2014-03-31 Online:2014-10-25 Published:2014-10-23

摘要/Abstract

摘要： 企业创新融资约束是当前投资理论研究的重要组成部分，然而当前对这一问题的研究主要集中在R&D投资与内部资金约束角度，忽略了负债融资约束。基于R&D异质性角度，本文把R&D投资区分为探索式创新投资和常规式创新投资，运用《企业会计准则》(2006)之后中国A股上市公司R&D投资数据和q投资模型，研究发现：探索式创新投资显著地受到负债融资约束，而常规式创新投资对负债融资却不敏感。不同来源的负债对企业的创新投资约束也有差异：银行借款与两种创新投资显著负相关；商业信用和探索式创新投资不存在显著相关关系，而常规式创新投资却可能利用商业信用来进行研发活动。本文的研究为企业创新融资战略和政府的科技补贴政策提供了决策参考。

关键词: 负债融资, 负债来源, 创新投资模式

Abstract: Financing constraint of innovation is an important topic in investment theory research. Currently, the hottest debate is around the relationship between R&D investment and internal funds, while the external funds constraint has been neglected. Base on heterogeneity, we divide the innovation investments into exploratory innovation and routine innovation using pooled cross-section data and q model, we find that exploratory innovation investment is curtailed by debt financing while routine innovation investment is not. The different sources of debts have different impact on innovation investments: innovation investments are curtailed by bank loan; routine innovation investments are positively related to commercial credits while exploratory innovation investment is not. This paper has important policy implications with respect to firms' R&D strategies and government's R&D subsidies.

Key words: debt financing, sources of debt, innovation investment mode

中图分类号:

肖海莲, 唐清泉, 周美华. 负债对企业创新投资模式的影响—基于R&D异质性的实证研究[J]. 科研管理, 2014, 35(10): 77-85.

Xiao Hailian, Tang Qingquan, Zhou Meihua. The impact of debt on firms’ innovation investment mode:An empirical research on R&D heterogeneity[J]. Science Research Management, 2014, 35(10): 77-85.

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