企业竞争环境 财务柔性与研发投入——基于我国通信设备制造业上市公司的数据分析
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摘要
以我国通信设备制造业上市公司为研究对象,利用EVIEWS6. 0计量软件实证分析了2015—2017年我国通信设备制造业上市公司企业竞争环境、财务柔性、研发投入三者之间的关系。实证结果显示:企业竞争环境和财务柔性均对研发投入具有积极影响,且在财务柔性对研发投入的影响中企业竞争环境还起到了正向调节作用。针对上述结果,提出提高财务柔性储备量,建立环境预警机制、合理分配财务柔性储备等促进企业研发投入的建议,以此提升企业研发创新水平。
This paper selects listed companies in China's communication equipment manufacturing industry as the research object,analyzed the relationship among competition environment,financial flexibility and r&d investment of listed companies from 2015 to 2017 with EVIEWS6. 0 measurement software. The results show that both competitive environment and financial flexibility have positive effects on R&D input and the former also plays a positive role. In view of the above results,some suggestions are put forward to improve the amount of financial flexible reserve,to establish an environmental early warning mechanism and reasonably allocate financial flexible reserve and so on.
This paper selects listed companies in China's communication equipment manufacturing industry as the research object,analyzed the relationship among competition environment,financial flexibility and r&d investment of listed companies from 2015 to 2017 with EVIEWS6. 0 measurement software. The results show that both competitive environment and financial flexibility have positive effects on R&D input and the former also plays a positive role. In view of the above results,some suggestions are put forward to improve the amount of financial flexible reserve,to establish an environmental early warning mechanism and reasonably allocate financial flexible reserve and so on.
引文
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[9]程昔武,张顺,纪纲.企业异质性、市场竞争与研发投入———来自中国A股上市公司的经验证据[J].北京工商大学学报(社会科学版),2018,33(01):75-85.
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[11]曾爱民,张纯,魏志华.金融危机冲击、财务柔性储备与企业投资行为———来自中国上市公司的经验证据[J].管理世界,2013(04):107-120.
[12]赵自强,顾丽娟.产品市场竞争、会计稳健性与融资成本———基于中国上市公司的实证研究[J].经济与管理研究,2012(11):49-60.
[13]陈非,韩晓宇.环境不确定性、财务柔性与研发投资———基于中小板上市公司的经验证据[J].工业技术经济,2018,37(10):19-25.
[2]Byoun,S. Financial Flexibility and Capital Structure Decision[J]. SSRN e Library,2008.
[3]刘得格,罗知地.财务弹性和投融资巧为及公司绩效的关系研究机[J].经济研究导刊,2012(1):61-63.
[4]王满,沙秀娟,田旻昊.财务柔性、公司治理水平与过度投资[J].经济经纬,2016,33(06):102-106.
[5]孙栋栋.汽车制造业财务柔性与公司价值的研究[J].经济师,2018(07):120-121.
[6]田祥宇,杜洋洋,李颖.高管过度自信、财务柔性与企业价值[J].财经论丛,2018(09):76-84.
[7]张倩,张玉喜.科技型企业金融生态环境、财务柔性与研发投入———对我国30个省区840家科技型企业的实证分析[J].研究与发展管理,2017,29(05):66-76.
[8]解维敏,魏化倩.市场竞争、组织冗余与企业研发投入[J].中国软科学,2016(08):102-111.
[9]程昔武,张顺,纪纲.企业异质性、市场竞争与研发投入———来自中国A股上市公司的经验证据[J].北京工商大学学报(社会科学版),2018,33(01):75-85.
[10]狄方馨.外部金融生态环境、财务柔性与科技型企业研发投入[J].财会通讯,2018(36):108-113.
[11]曾爱民,张纯,魏志华.金融危机冲击、财务柔性储备与企业投资行为———来自中国上市公司的经验证据[J].管理世界,2013(04):107-120.
[12]赵自强,顾丽娟.产品市场竞争、会计稳健性与融资成本———基于中国上市公司的实证研究[J].经济与管理研究,2012(11):49-60.
[13]陈非,韩晓宇.环境不确定性、财务柔性与研发投资———基于中小板上市公司的经验证据[J].工业技术经济,2018,37(10):19-25.