The impact of financial constraints on firm R&D investments: empirical evidence from China
文献类型：SCI/SSCI论文
| 作者 | Yang E. Y. ; Ma G. R. ; Chu J. |
| 发表日期 | 2014 |
| 关键词 | financial constraints R&D credit crunch bank finance China internal finance economic-growth innovation performance credit lines |
| 英文摘要 | Innovation is essential for economic development and critical for firms to remain competitive. However, Chinese firms lag behind developed economies in terms of innovation, as measured by investments in R&D. R&D investments are more likely to be subject to financial constraints than ordinary investments as a result of higher risk and longer gestation periods. Using a unique World Bank survey of 12,400 manufacturing firms in China, this paper investigates the effects of financial constraints on firm R&D activities. We find that the access to a bank line of credit is positively and statistically significantly associated with firm R&D. We further use an exogenous shock of credit crunch caused by macroeconomic control policies in 2003-2004 to identify the effects of financial constraints on R&D. We find robust evidence that firms adversely shocked by the credit crunch reduced or even ceased R&D investments. Our findings highlight how financial constraints in fact reduce R&D investment in countries. |
| 出处 | International Journal of Technology Management |
| 卷 | 65 |
| 期 | 1-4 |
| 页 | 172-188 |
| 收录类别 | SCI |
| 语种 | 英语 |
| ISSN号 | 0267-5730 |
| 源URL | [http://ir.igsnrr.ac.cn/handle/311030/29471]  |
| 专题 | 地理科学与资源研究所_历年回溯文献 |
| 推荐引用方式 GB/T 7714 | Yang E. Y.,Ma G. R.,Chu J.. The impact of financial constraints on firm R&D investments: empirical evidence from China. 2014. |
入库方式： OAI收割
来源：地理科学与资源研究所
浏览0
下载0
收藏0
其他版本
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。