政治联系、债务融资与企业研发投入——来自中国上市公司的经验证据
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引用本文:王宇峰,张娜.政治联系、债务融资与企业研发投入——来自中国上市公司的经验证据[J].财经理论与实践,2014,(3):60-64
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作者单位
王宇峰,张娜 (湖南大学 工商管理学院湖南 长沙410079) 
中文摘要:以2009~2012年连续四年披露研发投入的中国上市公司为样本,实证检验政治联系、债务融资对企业研发投入行为的影响。结果表明,企业的研发投入面临债务融资约束,债务融资比例(银行借款)与研发投入强度之间呈现负相关关系,长期借款对研发投入强度的债务制约作用比短期借款更大,政治联系对企业的研发投入产生了“挤占”效应,抑制了R&D投资,虽然给企业带来了一定的长期债务资源,但并未能如预期产生显著的“资源效应”,扭转企业债务融资困境。
中文关键词:研发投入  债务融资  债务期限结构  政治联系
 
Political Connections, Debt Financing, and Firm R&D Investment:Evidence from Listed Companies in China
Abstract:On the basis of listed companies R&D investment data from 2009 to 2011,this paper empirically studies the influence of political connection and debt financing have on a firm's R&D investment. It is suggested that there is an inverse correlation between the ratio of debt financing (bank loans) and the R&D investment intensity. Due to a large amount of short-term debts, firms fail to reverse the debt financing constraints. Although political connections bring certain long-term debt resources to firms, they fail to generate significant “resource effect” and do not drive up firms' R&D investment as expected. On the contrary, political connections also bring “crowding-out” effect.
keywords:R&D investment  Debt financing  Debt maturity structure  Political connection
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