财务约束和R&D投资
首发时间:2019-10-08
摘要:模块化赋予企业改变投资强度的灵活性和缓解财务约束的能力。关注流动性和融资能力构成的财务约束,建立实物期权模型对模块产品的R&D投资强度和风险溢价进行了研究。研究发现,1)企业投资门槛值和投资强度均随着流动性的改善呈现出先降后升的"V"型变动过程;2)高融资能力企业利用流动性的正向波动在亏空状态依然具有延迟投资的能力,而低融资能力企业更担心流动性的负向波动在非亏空状态就丧失延迟投资能力;3)高流动性区域,低融资能力企业的风险溢价高于高融资能力企业,而在低流动性区域,高融资能力企业风险溢价反而高于低融资能力企业;4)在高流动性区域,高复杂度模块的风险溢价不低于低复杂度模块,但在低流动性区域,两类复杂度模块风险溢价的大小不确定。
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Financial Constraints and R&D Investment
Abstract:Modularity gives enterprises the flexibility to change investment intensity and the ability to relieve financial constraints. Focusing on the financial constraints of liquidity and financing capacity, the paper established a real option model to study the R&D investment intensity and risk premium of module products. The study found that: 1) The threshold and investment intensity of enterprises both showed a V-shaped change process with the improvement of liquidity. 2) Being in the state of deficit, enterprises with high financing capacity, taking advantage of the positive fluctuation of liquidity, still have the ability to defer to investment, while enterprises with low financing capacity are more worried about the negative fluctuation of liquidity in the state of non-deficit and losing the ability to delay investment. 3) In areas with high liquidity, the risk premium of enterprises with low financing capacity is higher than that of enterprises with high financing capacity, while in areas with low liquidity, the risk premium of enterprises with high financing capacity is higher than that of enterprises with low financing capacity. 4) In the area of high liquidity, the risk premium of the high-complexity module is no less than that of the low-complexity module. However, in the area of low liquidity, the risk premium of the two types of complex modules is uncertain.
Keywords: Corporate Finance Financial Constraints R&D Investment Real Options
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