工业技术经济Issue(7):137-144,8.DOI:10.3969/j.issn.1004-910X.2015.07.017
债权人监督、负债融资与企业 R & D 投资--基于我国高科技上市公司的实证研究
Creditor Supervision, Debt Financing and R & D Investment---Empirical Research Base on Chinese Hi -tech Listed Companies
摘要
Abstract
Previous literature finds that debt impedes firm's R&D investment . This paper explains the relation between debt financ-ing and R&D investment from side of creditor supervision . The result shows that there is no effect of trade credit , which receives less credi-tor supervision , on R&D investment . But the bank loan , always receives more supervision , impedes firms'R&D investment severely . However , the result also shows that R&D investment in state -owned firms and in firms with more cash , the proxy for firms receives less bank supervision , is not affected by bank loan . The result suggests that the relation between debt financing and R&D investment is affected by creditor supervision , the creditors with more supervision have more ability affect firm investment decision , and thereby impede R&D in-vestment , but creditors with less supervision have no ability affect firms R&D investment .关键词
债权人监督/负债融资/R&D投资/投资干预Key words
creditors supervision/debt financing/R&D investment/investment intervention分类
管理科学引用本文复制引用
马如飞,何涌..债权人监督、负债融资与企业 R & D 投资--基于我国高科技上市公司的实证研究[J].工业技术经济,2015,(7):137-144,8.基金项目
国家社科基金资助项目(项目编号13BGL039)。 ()