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本文在系统总结了企业R&D投资与内部资金关系的相关理论与经验证据的基础上,对我国上市公司R&D投资进行了实证分析,研究发现:R&D投资会因为其特殊性质而造成企业与外界严重的信息不对称,进而得不到债权人资金的支持而依赖于企业内部资金;目前我国企业投资与内部资金不存在U形关系;股权结构会影响我国企业投资与内部资金之间的关系,股权的集中有助于企业充分配置内部资金进行R&D投资,并能减少固定资产投资中的代理问题。本文的结论有助于我国企业R&D的投融资实践,并为国家深化企业自主创新与金融体制发展提供了理论基础和决策依据。
This article systematically sums up the relevant theories and empirical evidences on the relationship between R&D investment and internal funds, and empirically analyzes the R&D investment of listed companies in China. The study finds that: R&D investment will cause serious business and external factors because of its special nature. Information asymmetry, and therefore not supported by the creditor’s funds, depends on internal funds; currently there is no U-shaped relationship between corporate investment and internal funds in China; the ownership structure will affect the relationship between corporate investment and internal funds in China, and the concentration of equity It helps enterprises to fully allocate internal funds for R&D investment and reduce agency problems in fixed asset investment. The conclusion of this paper is helpful to the investment and financing practice of Chinese enterprises R&D, and provides the theoretical basis and decision-making basis for the country to deepen the independent innovation of enterprises and the development of the financial system.