摘要
本文以深市创业板上市公司2013—2016年的数据为研究样本,对上市公司的信息披露质量与研发投入之间的关系进行研究。在研究的过程中,通过引入变量融资约束和代理成本,实证检验信息披露质量与研发投入之间的关系。研究结果表明:融资约束和代理成本是阻碍企业研发投入的重要影响因素;信息披露质量能够通过缓解融资约束和降低代理成本进而促进企业研发投入的增加;本文针对两者之间的关系,提出提高信息披露质量、加大企业研发投入力度的政策建议。
This paper takes the data of Shenzhen GEM listed company for 2013-2016 years as a sample to studythe relationship between the quality of information disclosure and R＆D investment. In the process of research, therelationship between information disclosure quality and R＆D investment is empirically tested by introducing variablefinancing constraints and agency costs. The results show that the financing constraints and agency costs are the fac-tors that impede the R＆D input of the enterprise. The quality of information disclosure can help to increase the in-vestment of R＆D by alleviating the financing constraints and reducing the agency cost. Finally, this paper proposesto improve the quality of information disclosure and increase the R＆D of enterprise research and development, andprovides policy recommendations for investment.
作者
修国义
于丽萍
XIU Guo-yi;YU Li-ping(School of Economics and Management,Harbin University of Science and Technology-,Harbin 150040,China)
出处
《科技与管理》
2018年第5期17-21,共5页
Science-Technology and Management
关键词
信息披露质量
研发投入
融资约束
代理成本
infomlation disclosure quality
R＆D investment
financing constraints
agency costs
