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首页> 外文期刊>Journal of Business Research >Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change?
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Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change?

机译：目标研发和资本投资调整速度的比较：2007年的金融危机发生了什么变化？

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This paper investigates the dynamics of R&D and capital investment using a large sample of US firms during the period 2002-2016. A partial adjustment approach is employed with a specific focus on the impact of the financial crisis on target adjustment speed. Evidence suggests that firms have a target in both types of investment and adjust to it at varying speeds. Specifically, firms adjusted to the capital investment target faster than to R&D investment. However, firms increased the adjustment speed in R&D investment significantly during the crisis, and it has remained at similar levels during the post-crisis period. The changes in adjustment speeds can be explained by several firm-specific characteristics that are related to the ability of firms to raise internal finance.
机译：本文使用2002-2016年期间的大量美国公司调查了研发和资本投资的动态。采用部分调整的方法，特别关注金融危机对目标调整速度的影响。有证据表明，公司对两种投资都有目标，并以不同的速度对其进行调整。具体而言，企业适应资本投资目标的速度要快于研发投入。但是，企业在危机期间大大提高了R＆D投资的调整速度，并且在危机后时期一直保持在类似水平。调整速度的变化可以用一些公司特定的特征来解释，这些特征与公司筹集内部资金的能力有关。

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