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	The impact of financial constraints on firm R&D investments: empirical evidence from China
	Yang E. Y. ; Ma G. R. ; Chu J.
	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
内容类型	SCI/SSCI论文
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.

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