Does corporate R&D investment support to decrease of default probability of Asian firms?

Victoria Cherkasova; Alena Kurlyanova

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Does corporate R&D investment support to decrease of default probability of Asian firms?

机译：公司研发投资是否有助于降低亚洲公司的违约概率？

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This paper examines the nature of the relationship between corporate R&D investment and the probability of default. Existing evidence on the topic is varied and often conflicting due to its complexity. In this paper, we investigated the non-linear relationship between R&D investment and the probability of default, and also detected several factors influencing the nature of the relationship. The research relies on the sample of Asian Tiger's countries (Hong Kong, Singapore, South Korea and Taiwan) for the period from 2012 to 2017. Results of the research reveal a U-shaped relationship between corporate R&D investment and default probability. Considering the relationship more precisely, we divide the sample into two parts based on the availability of financial resources, and test the significance of this factor. R&D investment is found to significantly decrease default probability for financially constrained firms. We also examine the investment efficiency factor by comparing R&D investment and default probability between underinvesting and overinvesting firms. The rise of R&D investment decreases default probability for underinvesting firms, and increases – for overinvesting ones. Studying separately high-tech firms, we reveal that R&D investment leads to decrease of default probability.

机译：本文研究了企业R＆D投资与违约概率之间关系的性质。关于该主题的现有证据是多种多样的，并且由于其复杂性而经常相互冲突。在本文中，我们研究了研发投资与违约概率之间的非线性关系，并发现了影响该关系性质的几个因素。该研究以亚洲虎国家（香港，新加坡，韩国和台湾）2012年至2017年的样本为基础。研究结果显示，企业R＆D投资与违约概率之间呈U型关系。为了更精确地考虑这种关系，我们根据财务资源的可用性将样本分为两部分，并测试该因素的重要性。研究与开发投资可显着降低财务拮据企业的违约概率。我们还通过比较研发投资和投资不足企业与投资过度企业之间的违约概率来检验投资效率因子。研发投资的增加降低了投资不足企业的违约概率，并增加了投资过度企业的违约概率。分别研究高科技公司，我们发现研发投资导致违约概率降低。

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来源
《Borsa Istanbul Review》 |2019年第4期|共13页
作者
Victoria Cherkasova; Alena Kurlyanova;
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中图分类财政、金融;
关键词
InnovationBankruptcyFinancial constraintsOverinvestmentUnderinvestmentHigh-tech firms;

机译：创新破产财务限制过度投资不足投资高科技公司;

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Does corporate R&D investment support to decrease of default probability of Asian firms?

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