|
|
- 2015
债务融资能够在研发活动中发挥治理作用吗？
|
Abstract:
以2009-2012年创业板制造业上市公司为研究对象，使用发明专利授权数衡量企业研发活动产出，通过研究债务融资对研发产出和研发投入强度之间关系的影响，探讨了债务融资在研发活动中发挥的治理作用。研究发现：（1）滞后一期的研发投入强度越大，企业获得发明专利授权数越多；（2）企业总体债务融资水平对发明专利授权数和研发投入之间关系存在显著正向调节作用；（3）相比长期负债，短期债务融资产生的正向调节作用更强。研究结果支持了债务缓解代理问题这一理论，还进一步揭示出短期债务能够更加有效缓解代理问题。
Focusing on the ChiNext listed firms of manufacturing industry from 2009 to 2012, we investigated the governance role of debt financing in R&D activities through analyzing its impact on the relationship between R&D input and output, which is measured by the quantity of authorized invention patents. The results showed that：(1) the more the first-lagged R&D input is, the more the authorized invention patents will be; (2) the total debt level has a significant moderating effect on the relationship between the quantity of authorized invention patents and the R&D input. Compared with that of the long-term debt, the moderating effect of short-term debt is stronger. The results supported the theory that debt financing can mitigate agency problems and also indicate that shot-term debt can be more efficient
| [1] | ［16］郭斌.企业债务融资方式选择理论综述及其启示［J］.金融研究，2005(3)：145-157. |
| [2] | ［1］徐欣，唐清泉.R&D活动，创新专利对企业价值的影响：来自中国上市公司的研究［J］.研究与发展管理，2010(4)：20-29. |
| [3] | ［2］李诗，洪涛，吴超鹏.上市公司专利对公司价值的影响：基于知识产权保护视角［J］.南开管理评论，2012（6）：4-13. |
| [4] | ［7］朱月仙，方曙.专利申请量与R&D经费支出关系的研究［J］.科学学研究，2007(1)：123-127. |
| [5] | ［8］PAKES A，GRILICHES Z.Patents and R&D at the firm level:A first report［J］.Economics letters，1980，5(4)：377-381. |
| [6] | ［9］HIRSHLEIFER D，HSU P H，LI D.Innovative efficiency and stock returns［J］.Journal of Financial Economics，2013，107(3)：632-654. |
| [7] | ［10］付晔，张乐平，马强.R&D 资源投入对不同类型高校专利产出的影响［J］.研究与发展管理，2010(3)：103-111. |
| [8] | ［11］HAUSMAN J A，HALL B H，GRILICHES Z.Econometric models for count data with an application to the patents-R&D relationship［R］.NBER Technical Working Paper，No.17，1984. |
| [9] | ［13］GROSSMAN S J，HART O D.Corporate financial structure and managerial incentives［M］//MCCALL J J.The economics of information and uncertainty.Chicago：University of Chicago Press，1982：107-140. |
| [10] | ［21］RAJAN R G.Insiders and outsiders:The choice between informed and arm′s？\length debt［J］.The Journal of Finance，1992，47(4)：1367-1400. |
| [11] | ［22］HART O，MOORE J.Debt and Seniority:An Analysis of Hard Claims in Constraining Management［J］.American Economic Review，1995，85：567-587. |
| [12] | ［23］韩剑，严兵.中国企业为什么缺乏创造性破坏：基于融资约束的解释［J］.南开管理评论，2013(4)： 124-132. |
| [13] | ［24］HADLOCK C，PIERCE J.New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index［J］.Review of Financial Studies，2010，23：1909-1940. |
| [14] | ［26］XU B，MAGNAN M L，ANDR？I P E.The stock market valuation of R&D information in biotech firms［J］.Contemporary Accounting Research，2007，24(4)：1291-318. |
| [15] | ［17］YOSHA O.Information disclosure costs and the choice of financing source［J］.Journal of Financial intermediation，1995，4(1)：3-20. |
| [16] | ［18］DIAMOND D W.Debt Maturity Structure and Liquidity Risk［J］.The Quarterly Journal of Economic，1991，106（3）：709-737. |
| [17] | ［19］RAJAN R，WINTON A.Covenants and Collateral as Incentives to Monitor［J］.Journal of Finance，1995，50：1113-1146. |
| [18] | ［25］魏锋，刘星.融资约束，不确定性对公司投资行为的影响［J］.经济科学，2004(2)：35-43. |
| [19] | ［27］ORTEGA-ARGIL？IS R，MORENO R，CARALT J S.Ownership structure and innovation:is there a real link?［J］.The Annals of Regional Science，2005，39(4)：637-662. |
| [20] | ［28］付雷鸣，万迪？P，张雅慧.VC 是更积极的投资者吗?――来自创业板上市公司创新投入的证据［J］.金融研究，2012(10)：125-138. |
| [21] | ［3］徐欣，唐清泉.R&D 投资、知识存量与专利产出：基于专利产出类型和企业最终控制人视角的分析［J］.经济管理，2012(7)：49-59. |
| [22] | ［4］YEOH P L，ROTH K.An empirical analysis of sustained advantage in the US pharmaceutical industry：impact of firm resources and capabilities［J］.Strategic Management Journal，1999，20(7)：637-653. |
| [23] | ［5］KEUSCHNIGG C，RIBI E.Profit taxation and finance constraints［R］.CESifo working paper，2010. |
| [24] | ［6］JESEN M C.Agency costs of free cash flow,corporate finance,and takeovers［J］.The American Economic Review,1986，76（2）:323-329. |
| [25] | ［12］HIRSHLEIFER D，LOW A，TEOH S H.Are overconfident CEOs better innovators?［J］.The Journal of Finance，2012，67(4)：1457-1498. |
| [26] | ［14］VERRECCHIA R E.Discretionary disclosure［J］.Journal of accounting and economics，1983，5：179-194. |
| [27] | ［15］ENTWISTLE G M.Exploring the R&D disclosure environment［J］.Accounting Horizons，1999，13(4)：323-342. |
| [28] | ［20］DIAMOND D W.Seniority and maturity of debt contracts［J］.Journal of Financial Economics，1993，33(3)：341-368. |
