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以2012年12月31日前在深圳证券交易所上市的355家创业板上市公司2009年——2012年的面板数据为样本,检验其R&D投资的融资约束情况,发现创业板上市公司的R&D投资很难得到债权人资金的支持而依赖于内部资金。创业板上市公司要抓住上市的契机,利用资本市场的资金配置功能缓解R&D投资的融资约束,推动其R&D投入,更要改善经营管理,提高盈利能力,获得R&D投资的根本保障。
Based on panel data of 355 GEM listed companies listed on the Shenzhen Stock Exchange before December 31, 2012, we test the financing constraints of their R & D investment and find that the R & D investment of GEM companies is very Difficult to obtain the support of creditor funds and rely on internal funds. GEM companies should seize the opportunity to go public, take advantage of capital allocation in capital markets to ease the financing constraints of R & D investment, promote their R & D investment, but also improve their management, profitability and the fundamental guarantee for R & D investment.