| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22035 |
| 来源ID | Working Paper 22035 |
| Dynamic R&D Choice and the Impact of the Firm's Financial Strength | |
| Bettina Peters; Mark J. Roberts; Van Anh Vuong | |
| 发表日期 | 2016-02-29 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This article investigates how a firm's financial strength affects its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from its credit rating, which is shown to lead to substantial differences in estimates of the costs and expected long- run benefits from R&D investment. Financially strong firms have a higher probability of generating innovations from their R&D investment, and the innovations have a larger impact on productivity and profits. Averaging across all firms, the long run benefit of investing in R&D equals 6.6 percent of firm value. It ranges from 11.6 percent for firms in a strong financial position to 2.3 percent for firms in a weaker financial position. |
| 主题 | Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w22035 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579708 |
| 推荐引用方式 GB/T 7714 | Bettina Peters,Mark J. Roberts,Van Anh Vuong. Dynamic R&D Choice and the Impact of the Firm's Financial Strength. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22035.pdf（181KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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