研发投入、风险投资与企业融资约束——基于中国制造业上市公司的实证分析

被引：49

作者：

陈三可 ^{[1
]}

赵蓓 ^{[2
]}

机构：

[1] 招商局集团博士后科研工作站

[2] 不详

来源：

管理评论 | 2019年 / 31卷 / 10期

关键词：

研发投入; 风险投资; 融资约束; 信息不对称;

D O I：

暂无

中图分类号：

F832.51 []; F425 [工业企业组织和经营管理]; F406.7 [财务管理与经济核算]; F273.1 [企业技术管理];

学科分类号：

摘要：

本研究以2008—2014年间我国A股上市的制造业企业为研究样本,探讨了研发投入对企业融资约束的影响,以及风险投资在二者关系中所起的调节作用。研究结果表明,风险投资能够通过积极的参与以及有效的监督降低被投资企业的信息不对称性,从而缓解被投资企业由于研发投入增加所带来的融资约束。此外,分别从企业所处产品市场环境、企业特征以及风险投资特征三个维度所做的分析进一步佐证了本研究所得出的主要结论。本文为风险投资提升企业研发创新水平的机制研究提供了另外一种分析视角。

引用

页码：110 / 123

页数：14

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