改革
改革
개혁
Reform
2013年
10期
54~60
,共null页
制造业研发投资 企业融资约束 制造业效益
製造業研髮投資 企業融資約束 製造業效益
제조업연발투자 기업융자약속 제조업효익
R＆D investment of manufacture, financial constraints of enterprises, efficiency of manufacture
突破以往融资约束度量单一和度量方法局限问题，从现金流敏感性和多元判别值两个角度，研究融资约束下我国制造业企业研发投资的周期性特征。研究表明：融资约束对制造业企业研发投资的顺周期性影响显著；同时，研发投资顺周期性的融资约束效应远大于导致逆周期性的机会成本效应。因此，增加逆周期研发投资，有利于实现经济复苏与可持续增长。
突破以往融資約束度量單一和度量方法跼限問題，從現金流敏感性和多元判彆值兩箇角度，研究融資約束下我國製造業企業研髮投資的週期性特徵。研究錶明：融資約束對製造業企業研髮投資的順週期性影響顯著；同時，研髮投資順週期性的融資約束效應遠大于導緻逆週期性的機會成本效應。因此，增加逆週期研髮投資，有利于實現經濟複囌與可持續增長。
돌파이왕융자약속도량단일화도량방법국한문제，종현금류민감성화다원판별치량개각도，연구융자약속하아국제조업기업연발투자적주기성특정。연구표명：융자약속대제조업기업연발투자적순주기성영향현저；동시，연발투자순주기성적융자약속효응원대우도치역주기성적궤회성본효응。인차，증가역주기연발투자，유리우실현경제복소여가지속증장。
Breaking through the single and limited measurement of financial constraints in previous studies, we study the periodic characteristics of the R＆D investment of Chinese manufacturing enterprises under financial constraints from the two angles of flow sensitivity and multivariate discrimination. State shows that financial constraint is of great affect on the pro-cyclical R＆D investment of Chinese manufacturing enterprises. Meanwhile, R＆D investment＇s financial constraint effect which leads to pro-cyclical R＆D investment is larger than the opportunity cost effect which contributes to counter-cyclical R＆D investment. Therefore, improving the counter-cyclical R＆D investment favors the economic resurgence and sustainable growth.
