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高新技术企业融资约束与R&D投资效率关系研究
顾 群1, 翟淑萍2, 苑泽明1
1.天津财经大学 商学院， 天津 300222； 2.天津财经大学 统计学院， 天津 300222
A Study on the Relationship between Financial Constraints and R&D Investment Efficiency of Hi-tech Enterprises
GU Qun1, ZHAI Shu-Ping2, YUAN Ze-Ming1
1.Business School,Tianjin University of Finance and Economics,300222 China 2.School of Statistics, Tianjin University of Finance and Economics,300222 China
Abstract：
This paper works out the financial constraints index of hi tech enterprises by logistic model and measures their R&D investment efficiency. On this basis, the author theoretically analyzes and empirically tests the correlations between the financial constraints of hi tech companies and their R&D investment efficiency. The result shows that on the one hand, the R&D investment efficiencies of high financial constraints and low financial constraints are significantly different, which is average at 0.5121 and 0.3870 respectively. On the other hand, the regression test shows that the increase of financial constraints will positively increase the R&D investment efficiency, which means the existence of financial constraints, to some extent, will reduce the negative effects of principal-agent problems.
GU Qun ZHAI Shu-Ping, YUAN Ze-Ming.A Study on the Relationship between Financial Constraints and R&D Investment Efficiency of Hi-tech Enterprises[J] Economic Survey, 2012,V1(5): 77-81
2012 