财务柔性政策选择与研发投资基于创业板上市公司的研究.docVIP

当代财经 2()15,09,108-118 财务柔性政策选择与研发投资一一基于 创业板上市公司的研究 徐玲冯巧根 南京大学商学院浙江万里学院商学院 导出/ 关注 分享 收藏打印 在区分不同财务柔性政策的基础上，以研发投资异质性为立足点，对创业板上市 公司不同财务柔性政策选择与研发投资的关系进行丫检验。研宄结果发现，从总 体来看，不同财务柔性政策的影响不同，组合财务柔性政策对研发投资的促进作 用最大，单纯的债务柔性政策对研发投资具有抑制作用，而单纯的现金柔性政策 在较高的财务风险的条件下，其“预防”作用占据主导;各个财务柔性政策的作 用在高新技术企业与非高新技术企、Ik间存在较人差异,说明面对未来流动性资源, 实物投资与研发投资间存在博弈，且其博弈力量在两类企业间是不同的;企业所 面临的不同国家政策会影响财务柔性政策的作用条件，因此在选择财务柔性政策 时也要考虑宏观因素。 关键词： 财务柔性政策;研发投资异质性;创业板上市公司；现金持冇;债务柔性; 徐玲,南京大学博士研宂生,浙江万里学院副教授，主要从事管理会计 与价值管理研宄，联系方式xul_s@aliyun. com; 冯巧根，南京大学教授，傅士生导师,主要从事管理会计研究。 2015-03-19 基金：教育部人文社会科学研究青年基金项0 “基于价值星系的产业集群转型升 级路径研宂一一以浙江块状经济为例”(12YJC630249) Choice of Financial Flexible Policies and RD Investment:A Study Based on GEM Listed Companies XU Ling FENG Qiao-gen Nanjing University; Abstract： On the basis of distinguishing the different policies of financial flexibility, by taking the heterogeneity of RD investment as foothold, this thesis verifies the relationship between the GEM listed companies choice of financial flexible policies and the RD investment. The results indicate that from an overall perspective, different financial flexible policies exert different influences, i.e., the combinational financial flexible policy has a maximum improvement on the RD investment,the pure debt flexibility policy may restrain the RD investment, whereas the pure cash flexible policy can play a dominant preventive role under the conditions of higher financial risks. Various financing flexible policies function dissimilarly between high-tech enterprises and non-high-tech enterprises, indicating that faced with future liquidity resources, there exists a game between the real investment and RD investment, and the power of the game is different between these two kinds of enterprises. The different state policies that enterprises are faced will affect the functions and conditions of the financial flexible policies; therefore, when choosing the financial flexible policy，the macro factors should be taken into consideration. Keyword： fi