融资约束、市场环境与企业R D投资——基于医药生物行业上市公司实证研究

Financing Constraints、Market Environment and R D investment：An Empirical Research on Listed Companies of Chinese Biological Medicine Industry

摘要:

研究与开发(Research and Development,简称R D)是提升企业自主创新能力和市场竞争力的核心。国内外研究表明：企业R D投资受内部资金短缺、融资约束问题影响；外部受企业所在地外部市场环境影响。本文以中国生物医药行业上市公司2010年—2012年数据为样本,实证检验了企业内部融资约束、外部市场环境与R D投资之间的关系。实证结果显示：企业R D投资与企业自身现金流量显著正相关,与股权融资正相关,与债权融资负相关,但不显著。企业所在地市场环境差异对R D投资和融资约束具有显著影响。

关键词:融资约束;市场环境;R D投资;生物医药上市公司

Abstract:

Research and developmentS(referred to asSR D) is the coreSto improve enterprise’s independentSinnovation capability and market competitiveness.SResearches at home and abroadSshow thatScorporate R D investment is affected by the shortage of funds, financing constraintsSand theSmarket level where the enterprise is located.SIn this paper,Swe choose ChineseSbiological medicine industrySlisting companies from 2010Sto 2012Sas the sample and make an empirical research of the relationship between the internalSfinancing constraints,Sthe external market environmentSand R D investment.SThe empirical results show that：There was significantly positive relation betweenSenterprise’s R DSinvestment and cash flow. R DSinvestment is positively related withSequity financingSand negatively related to debt financing.SThe difference of market environmentS Shas a significant effect onSthe R D investment andSfinancing constraints.

Key words:Financing Constraints; Market Environment;R D Investment; Biological Medicine Listed Companies