| 融资约束下的研发与长期财务风险 |
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| 引用本文： | 郝清民.融资约束下的研发与长期财务风险[J].科研管理,2020,41(10):54-62. |
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| 作者姓名： | 郝清民 |
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| 作者单位： | 天津大学 管理与经济学部,天津300072 |
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| 基金项目： | 教育部人文社会科学研究项目;国家自然科学基金 |
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| 摘 要： | 基于融资约束视角,公司投入多大研发才不至于显著增加长期财务风险？采用面板分组回归方法研究中国制造业上市公司资料显示：在不考虑融资约束限制时，研发密度和研发投入增加均会显著减低长期财务风险,研发密度和研发投入与风险呈U型关系，当研发密度超5.75%才会显著增加财务风险。融资约束显著加剧了研发带来的财务风险，研发与风险近似扁平J型关系，当研发强度在3%左右时,对应长期财务风险较低。管理者可参考公司销售收入与资产状况，制定适合自己的研发比例，为创新投资决策提供借鉴。
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| 关 键 词： | 研发投入 财务风险 融资约束 创新决策 |
| 收稿时间： | 2017-10-24 |
| 修稿时间： | 2018-08-29 |
A study of the research & development and long term risk under financial constraints |
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| Hao Qingmin.A study of the research & development and long term risk under financial constraints[J].Science Research Management,2020,41(10):54-62. |
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| Authors: | Hao Qingmin |
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| Institution: | College of Management and Economics, Tianjin University, Tianjin 300072, China |
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| Abstract: | The investment of research and development is an important factor to improve the corporate competition level. The risk of innovation investment is relatively higher than the general capital expenditure. When the top management team plan on the investment of research and development, they usually afraid the failure of the R&D investment and the related financial risk.
Based on the theory of the corporate financial constraints, the investment of research and development always follow by the financial risk. Does the investment of R&D increase the corporate financial uncertainty significantly? How much R&D investment is suitable for the Chinese company to avoid increasing the financial risk?
In order to answer the above questions and test the hypothesis, we collected the panel data include 1983 samples of 661 Chinese listed company in manufacturing industry from the year 2013 to 2015. The three R&D variables include the research and development intensity (RDI) in which the R&D expenditure is divided by the sales income, the R&D density (RDA) which the R&D expenditure divided by the total assets, and the logarithm of R&D investment quantity (RDL). The long-term financial risk variables include the Altman Z score index and the standard deviation of operating net profit rate. The nonlinear models are used to test the relationship between the R&D and long-term financial risk.
The main results are shown as follows: Firstly, without considering the financial constraints, in most Chinese listed company of manufacturing industry, there is the U style relationship between the R&D density investment and the long-term financial risk. The general R&D investment will decrease the financial uncertainty. The long-term financial risk will increase after the R&D density point of 5.75%. These kinds of cases usually happened in the state-owned enterprise and large sized listed company of China. Secondly, under the condition of financial constrain, the money and resources of R&D investment is limited. The relationship is aggravated with the flat J shape correlation between the R&D and long-term financial risk. When the R&D intensity is around 3%, the long-term financial risk is minimum. The financial constrain will increase the affections between the R&D and financial risk. Especially in private and small sized company. Finally, and in briefly, for most company, there is a suitable R&D investment region level from 3% to 6% that not significantly increase the long-term financial risk.
The result is also checked through some robustness test. Some management suggestions for the decision makers are concluded. In order to balance the R&D investment and long-term financial risk, the top managers need to make the decision on the suitable R&D intensity and density based on their company′s income and assets conditions. Refer to the R&D investment region level, the volatility of the corporate financial pressure will not be changed significantly. The R&D policy makers also need to consider the corporate characteristics and size of income and assets to introduce the different incentive policy for innovation investment. |
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| Keywords: | research and development financial risk financial constraint decision making on innovation |
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