CAJ | 학술논문

新兴市场的企业集团为创新研究中分割的制度路径与组织路径提供了融合的基础。通过构建内部现金流和外部股权两种融资约束的测度方法，以集团属性为调节变量，控股股东支持为中介变量，研究了我国民营高科技上市公司金融危机前后的R&D投资问题。研究发现，集团成员企业的R&D投资对内部现金流敏感，而对外部股权融资不敏感；企业的集团属性不会显著改变两种融资约束对企业R&D投资的负向影响，即集团属性的调节作用不明显；但考虑控股股东支持的中介作用后，企业的集团属性使内部现金流约束对企业R&D投资的负向影响消失，即有中介的调节作用显著存在；而实证结果不支持中介作用与有调节的中介作用假设。
신흥시장적기업집단위창신연구중분할적제도로경여조직로경제공료융합적기출。통과구건내부현금류화외부고권량충융자약속적측도방법，이집단속성위조절변량，공고고동지지위중개변량，연구료아국민영고과기상시공사금융위궤전후적R&D투자문제。연구발현，집단성원기업적R&D투자대내부현금류민감，이대외부고권융자불민감；기업적집단속성불회현저개변량충융자약속대기업R&D투자적부향영향，즉집단속성적조절작용불명현；단고필공고고동지지적중개작용후，기업적집단속성사내부현금류약속대기업R&D투자적부향영향소실，즉유중개적조절작용현저존재；이실증결과불지지중개작용여유조절적중개작용가설。
Literatures on innovation greatly overlooked the role of business group in innovation from institution and organization approach. Based on high-tech listed companies during the financial crisis, considering two kinds of financial constraints, internal cash flow and external equity, this paper finds high-tech listed companies as busi-ness group affiliates have R&D investment-cash flow sensitivity. It is confirmed that the group-affiliated attribute does not significantly change the negative effects of two financing constraints on corporate R&D investment, which means that the moderating effect of group-affiliated attribute is not obvious. When considering the control-ling shareholder propping, group-affiliated attribute makes the negative impact by internal cash flow on R&D in-vestment disappear, which means that mediating moderating effect is significant. Controlling shareholder propping can ease the internal cash flow constraints and has positive impact on R&D investment. However, the controlling shareholders propping has no mediating effect and moderating mediating effect on the R&D investment.