CAJ | 학술논문

在总结、借鉴他人研究成果的基础上，推导出融资约束R＆D两阶段资金配置曲线，以我国2007—2012年上市公司R＆D数据为研究样本，对企业内部现金流与R＆D研究阶段、开发阶段及两阶段的资金配置结构关系进行了实证检验和分析，并得出如下结论：R＆D研究阶段投入与开发阶段投入互为正相关关系，二者相互促进；R＆D研究阶段和开发阶段风险、所处阶段等情况的不同使得它们面临的现金流融资约束存在较大差异，企业现金流与研究阶段投入正相关，与开发阶段投入呈反“S”型的正向3次方关系；企业现金流与R＆D研究阶段占比呈倒“U”型关系。最后，根据问题提出相关政策建议。
재총결、차감타인연구성과적기출상，추도출융자약속R＆D량계단자금배치곡선，이아국2007—2012년상시공사R＆D수거위연구양본，대기업내부현금류여R＆D연구계단、개발계단급량계단적자금배치결구관계진행료실증검험화분석，병득출여하결론：R＆D연구계단투입여개발계단투입호위정상관관계，이자상호촉진；R＆D연구계단화개발계단풍험、소처계단등정황적불동사득타문면림적현금류융자약속존재교대차이，기업현금류여연구계단투입정상관，여개발계단투입정반“S”형적정향3차방관계；기업현금류여R＆D연구계단점비정도“U”형관계。최후，근거문제제출상관정책건의。
Research stage and development stage of R＆D have different economic nature. In this paper, on the basis ot others’ reference research results, we deduce the curve of financing constraints and R＆D capital configuration in two stages, using the R＆D data of China＇s listed companies from 2007 to 2012 as research sample, we do empirical test and analysis on the relationship between enterprise internal cash flow and two stages of R＆D and capital allocation structure of two sta- ges, and draw the following conclusions： there are positive correlation between research phase and development phase of R＆D; owing to the difference in risk and stages between research phase and development phase of R＆D, there is a big difference in cash flow financing constraints between the two stages, there are positive correlation between enterprise cash flow and research phase, while the correlation is 3 positive power between enterprise cash flow and development phase; it is a “inverted U” shaped relationship between enterprise cash flow and the ratio of research phase in R＆D. For empirical research conclusions in this paper, we suggest that enterprises should value basic research stage etc.