文献类型：期刊文献

中文题名：定向增发能够提高研发支出水平吗

英文题名：Does Private Placement Increase R&D Expenditure?

作者：叶志强[1];崔惠贤[1];蔡旺春[2]

机构：[1]华东理工大学商学院,上海200237;[2]中国药科大学国际医药商学院,江苏南京211198

年份：2018

卷号：35

期号：22

起止页码：101

中文期刊名：科技进步与对策

外文期刊名：Science & Technology Progress and Policy

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI2017_2018】；

基金：国家自然科学基金项目(71371073)

语种：中文

中文关键词：股权融资;定向增发;研发支出;消极投资者;利益侵占

外文关键词：Equity Financing;Private Placement;R&D Expenditure;Negative Investors;Tunneling

摘要：选择2006-2016年我国上市公司定向增发样本数据,采用系统GMM和OLS回归方法,实证检验定向增发募集资金对研发支出的影响。结果表明:定向增发不仅降低当期研发支出水平,而且降低累计研发支出水平;不同频次的定向增发均会降低研发支出水平。最后,以大股东及其关联方为定向增发对象,仍然部分支持定向增发会降低研发支出水平的结论,为股权融资背景下提高上市公司研发支出水平的论点提供了新证据,同时也可为提高上市公司研发支出水平的制度改革提供参考。
This paper uses the Chinese listed firm data between 2006 and 2016 to empirically test the impact of private placement on R&D expenditure by system GMM and OLS methods.The results in the paper show that private placement declines not only current R&D expenditure,but also cumulative R&D expenditure,and different frequent private placements also decline R&D expenditure.At last,lager shareholders and their related parties as object of private placement to further be examined,but here partial evidences to still support the conclusions that private placements also decline R&D expenditure.These conclusions provide new evidence for improving R&D expenditure under the background of equity financing,and references for institutional reform to increase R&D expenditure in Chinese listed companies.