Financing Sources, R&D Investment and Enterprise Risk
Hong WangSchool of Business, Sichuan University, #24 South of the ring road, Chengdu 610064, P.R. ChinaLiang PanSchool of Business, Sichuan University, #24 South of the ring road, Chengdu 610064, P.R. ChinaHuiyu LiJournal of Sichuan University(Philosophy and Social Science Edition), Chengdu 610064, P.R. ChinaYang Rui-liSchool of Business, Sichuan University, #24 South of the ring road, Chengdu 610064, P.R. China
2016en
ABI
Аннотация
Research and development (R&D) investment of high-tech enterprises has an impact on enterprise risk, but the effect is different when funding sources are different. This paper aims to study the relationships among financing sources, R&D investment and enterprise risk. The empirical results suggest that the relationship between endogenous financing rate and R&D investment is significantly positive, and asset-liability ratio has a significantly negative impact on R&D investment. Furthermore, the study shows that relationship between enterprise risk and R&D investment can be described with a quadratic parabola.
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