CAJ | 학술논문

企业R＆D投资一现金流敏感性是投资理论研究的重要组成部分。本文基于R＆D异质性角度，把R＆D投资区分为探索式创新投资和常规式创新投资。运用《企业会计准则》（2006）之后中国A股上市公司R＆D投资数据和q投资模型，研究发现：企业创新投资依赖内部资金；探索式创新投资一现金流敏感性高于常规式创新投资一现金流敏感性；融资约束程度与创新投资一现金流敏感性的关系是单调的；政府没有对探索式创新投资进行差异性科技补贴。本研究不仅体现了新的研究视角，丰富了投资一现金流敏感性研究领域的相关文献，而且还为企业的创新融资和政府的科技补贴提供了决策参考。
기업R＆D투자일현금류민감성시투자이론연구적중요조성부분。본문기우R＆D이질성각도，파R＆D투자구분위탐색식창신투자화상규식창신투자。운용《기업회계준칙》（2006）지후중국A고상시공사R＆D투자수거화q투자모형，연구발현：기업창신투자의뢰내부자금；탐색식창신투자일현금류민감성고우상규식창신투자일현금류민감성；융자약속정도여창신투자일현금류민감성적관계시단조적；정부몰유대탐색식창신투자진행차이성과기보첩。본연구불부체현료신적연구시각，봉부료투자일현금류민감성연구영역적상관문헌，이차환위기업적창신융자화정부적과기보첩제공료결책삼고。
Innovation Investment -cash flow sensitivity is one important component in investment theory research. Base on the heterogeneity, we put the innovation investment behaviors into exploratory innovation investment and routine innovation investment. Using pooled cross - section data and q model, our analyses prove that R＆D investment may dependent on internal funds, and the investment -cash flow sensitivity is larger for exploratory innovation compared to routine innovation. We also exam the monotonicity betweem investment- cash flow sensitivity and financial constraint, which shows that there is a monotonicity relationship between financial constraint and investment - cash flow sensitivity. The government failed to give exploratory innovation investment subsidy differently compared with routine innovation. This paper not only provides new research thoughts, but also has important policy implications with respect to firm＇ s R＆D strategies and government＇ s R＆D subsidies.