融资约束、加计扣除优惠强度与研发投入实证研究——基于创业板上市公司数据

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Abstract Financing constraints,R&D deduction intensity are the key factors affecting corporate R&D investment.Based on the data of 141 high-tech companies in the GEM of 2013—2016,The paper uses regression analysis combined with the classification of spatial economic regions,and dees an empirical study on the effects of financing constraints,R&D deduction intensity on corporate R&D investment for the total sample and the sub-region sample,Respectively.The research shows that:Firstly,the internal financing capacity and the debt financing capacity that reflect financing constraints are positively correlated to the R&D investment of the company,the equity financing capacity are negatively correlated to the R&D investment;Secondly,R&D deduction intensity is positively correlated to R&D investment;Thirdly,Financing capacity and R&D deduction intensity in addition to the impact of R&D investment in the sub-region sample are not the same.The eastern region is consistent with the analysis of the total sample,and the central and western regions are also consistent with the analysis of the total sample in terms of the debt financing capacity and R&D deduction intensity,but do not show significant correlation with the total sample in terms of the internal financing capacity and the equity financing capacity.According to the research conclusion,the paper puts forward some suggestions to promote enterprises' R&D investment.

Key words： Financing constraints R& D deduction intensity R& D investment

Received: 09 April 2018

PACS:

F276.6

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	Song Qing
	Wei Xue

Cite this article:

Song Qing,Wei Xue. An Empirical Study on Financing Constraints,R＆D Deduction Intensity and R&D Investment——Based on the Data of the GEM Listed Companies[J]. , 2018, 0(11): 106-115.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2018/V0/I11/106

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