CREDIT CONSTRAINTS AND THE CYCLICALITY OF R&D INVESTMENT: EVIDENCE FROM FRANCE
CREDIT CONSTRAINTS AND THE CYCLICALITY OF R&D INVESTMENT: EVIDENCE FROM FRANCE
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DOI：
10.1111/j.1542-4774.2012.01093.x
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发表时间：
2012-10-01
影响因子：
3.6
通讯作者：
Eymard, Laurent
中科院分区：
文献类型：
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作者：
Aghion, Philippe;Askenazy, Philippe;Eymard, Laurent
我们使用一个法国企业层面的数据集，其中包含13,000家企业在1994年至2004年期间，分析信贷约束和企业的R&D行为之间的关系，在商业周期。我们的主要结论可以概括如下：（1）在没有信贷约束的情况下，研发投资是反周期的，但当企业面临更严格的信贷约束时，研发投资就变成了顺周期的;（2）这一结果只在更严重依赖外部融资的行业或资产有形性较低的行业中观察到;（iii）在信贷约束更强的企业中，研发投资在衰退期间大幅下降，但在上升期间不会按比例增加。
We use a French firm-level data set containing 13,000 firms over the period 19942004 to analyze the relationship between credit constraints and firms R&D behavior over the business cycle. Our main results can be summarized as follows: (i) R&D investment is countercyclical without credit constraints, but it becomes procyclical as firms face tighter credit constraints; (ii) this result is only observed for firms in sectors that depend more heavily upon external finance, or that are characterized by a low degree of asset tangibility; (iii) in more credit-constrained firms, R&D investment plummets during recessions but does not increase proportionally during upturns.