CAJ | 학술논문

基于研发投资具有异质性的角度，把研发投资分为探索式创新投资与开发式创新投资，从这两个角度研究企业的融资约束与资金来源问题。实证结果发现：(1)企业存在研发投资-现金流敏感性，进行研发投资的企业普遍存在融资约束问题。(2)探索式创新企业的研发投资-现金流敏感性大于开发式创新企业，探索式创新企业研发投资引起的融资约束程度高于开发式创新企业。(3)探索式创新企业极其依赖于内源融资，而股权融资也是其必要的补充，但得不到债权资金的支持；开发式创新企业的外源融资是其主要资金来源。
기우연발투자구유이질성적각도，파연발투자분위탐색식창신투자여개발식창신투자，종저량개각도연구기업적융자약속여자금래원문제。실증결과발현：(1)기업존재연발투자-현금류민감성，진행연발투자적기업보편존재융자약속문제。(2)탐색식창신기업적연발투자-현금류민감성대우개발식창신기업，탐색식창신기업연발투자인기적융자약속정도고우개발식창신기업。(3)탐색식창신기업겁기의뢰우내원융자，이고권융자야시기필요적보충，단득불도채권자금적지지；개발식창신기업적외원융자시기주요자금래원。
Based on the R&D heterogeneity, R&D investment is divided into exploratory innovation investment and exploitative innovation investment. In this paper, financial constraints and funding sources were investigated from two perspectives. Empirical results show that: (1) There is R&D investment-cash flow sensitivity in the com-pany. This is a widespread phenomenon of financial constraints in the companies. (2) The R&D investment-cash flow sensitivity is larger for exploratory innovation compared to exploitative innovation. This means financial con-straints caused by the exploratory innovative companies R&D investment is far greater than the exploitative innova-tive companies. (3) The exploratory innovative companies rely on internal financing, and equity financing is also necessary complement for them. But they do not receive the support of debt funds. The main funding sources for the exploitative innovative companies is external financing.