论文部分内容阅读
企业面临的融资约束程度直接影响着企业R&D投入,而管理层作为企业的管理者、战略执行人,他们的能力对融资约束与企业R&D之间的关系起到重要的作用。本文选取2010-2013年我国A股上市制造业公司数据,对管理层能力(MA)、融资约束与企业R&D投入之间进行实证研究,结果发现MA能缓解融资约束对企业R&D投入的消极影响。
The degree of financing constraints enterprises directly affect the R & D investment, and management as managers, strategic executives, their ability to financing constraints and the relationship between R & D plays an important role. This paper selects the data of A-share listed manufacturing companies in China from 2010 to 2013, and conducts empirical research on management ability (MA), financing constraints and R & D investment, and finds that MA can mitigate the negative impact of financing constraints on R & D investment.