回顾与展望:企业研发投资的影响因素研究
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摘要
企业的研发投资问题近年来备受国内外学者关注,文章试图通过文献研究的方法,对影响企业研发投资的企业内、外部相关因素进行系统梳理,并把企业内部因素归结为财务因素、公司治理、企业特质,而把企业外部因素概括为宏观经济环境、政府治理环境、市场环境。在此期间,文章对现有文献的研究视角和所得的结论进行了评述,最后从具体因素、研究对象、数据采集与研究方法、变量选取与控制、研究结果等五方面对这一课题的研究趋势进行了展望。
The R&D investment in enterprises has attracted much attention from overseas and domestic scholars in recent years. This paper tries to systematically comb the internal and external factors influencing R & D investment in enterprises through literature research method. The classification in the paper has shown that the internal factors as financial factors, corporate governance and enterprise characteristics, while summarized the external factors into the macro-economic environment, the governance environment and the market environment.During this period, the research perspectives and conclusions of the existing literature are reviewed. Finally, the research trend is prospected from five aspects, such as specific factors, research objects, data collection and research methods, variables selection and control, research results, etc.
The R&D investment in enterprises has attracted much attention from overseas and domestic scholars in recent years. This paper tries to systematically comb the internal and external factors influencing R & D investment in enterprises through literature research method. The classification in the paper has shown that the internal factors as financial factors, corporate governance and enterprise characteristics, while summarized the external factors into the macro-economic environment, the governance environment and the market environment.During this period, the research perspectives and conclusions of the existing literature are reviewed. Finally, the research trend is prospected from five aspects, such as specific factors, research objects, data collection and research methods, variables selection and control, research results, etc.
引文
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[10]林钟高,刘捷先,章铁生,2011.企业负债率、研发投资强度与企业价值[J].税务与经济(6):1-11.
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[12]赵自强,赵湘莲.债务水平与公司研发投资决策研究--对中国制造业上市公司的实证分析[J].审计与经济研究,2008,23(6):106-110.
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[14]Chen HL.,Hsu WT.,Huang YS.Top Management Team Characteristics,R&D Investment and Capital Structure in the IT Industry[J].Small Business Economics,2010,35(3):319-333.
[15]Verbeek A.,Debackere K.Patent Evolution in Relation to Public/Private R&D Investment and Corporate Profitability:Evidence from the United States[J].Scientometrics,2006,66(2):279-294.
[16]Bolton M K.Organizational Innovation and Substandard Performance:When is Necessity the Mother of Innovation?[J].Organization Science,1993,4(1):57-75.
[17]Zhang Y.,Li H.,Hitt M.et al.R&D Intensity and International Joint Venture Performance in an Emerging Market:Moderating Effects of Market Focus and Ownership Structure[J].Journal of International Business Studies,2007,38(6):944-960.
[18]田利军,郭兰英,叶陈毅,2010.高新技术企业研发投资绩效评价统计分析[J].现代财经(天津财经大学学报)(8):93-96.
[19]翟淑萍,顾群,2013.金融发展、融资约束缓解与高新技术企业研发投资效率研究[J].经济经纬(2):138-143.
[20]刘振.CEO年薪报酬、研发投资强度与公司财务绩效[J].科研管理,2014,12(35):129-136.
[21]Mariano B.,TribóGinéJ.A.Creditor Intervention,Investment,and Growth Opportunities[J].Journal of Financial Services Research,2015,47(2):203-228.
[22]Myers S C,Majluf N S.Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have[J].Journal of Financial Economics,1984,13(2):187-221.
[23]尹华,赵雯,马媛.高管持股对企业研发投资的影响研究--基于民营上市公司的实证[J].技术与创新管理,2017,38(1):64-68.
[24]Upadhyay A.,Zeng H.Cash Holdings and the Bargaining Power of R&D-Intensive Targets[J].Review of Quantitative Finance and Accounting,2017,49(4):885-923.
[25]Kim H.,Park SY.The Relation Between Cash Holdings and R&DExpenditures According to Ownership Structure[J].Eurasian Business Review,2012,2(2):25-42.
[26]顾群,翟淑萍.融资约束、研发投资与资金来源---基于研发投资异质性的视角[J].科学学与科学技术管理,2014,35(3):15-22.
[27]黄振雷,吴淑娥,2014.现金持有会影响研发平滑吗?[J].经济与管理研究(2):119-128.
[28]Fazzari S M,Hubbard G R,Petersen B C,et al.Financing Constraints and Corporate Investment[J].Brookings Papers on Economic Activity,1988(1):141-195.
[29]张兆国,曾牧,刘永丽,2011.政治关系、债务融资与企业投资行为---来自我国上市公司的经验证据[J].中国软科学(5):106-121.
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