CREDIT CONSTRAINTS AND THE CYCLICALITY OF R&D INVESTMENT: EVIDENCE FROM FRANCE

被引：324

作者：

Aghion, Philippe ^{[1
]}

Askenazy, Philippe ^{[2
]}

Berman, Nicolas

Cette, Gilbert ^{[3
]}

Eymard, Laurent

机构：

[1] Harvard Univ, Cambridge, MA 02138 USA

[2] Paris Sch Econ, Paris, France

[3] Univ Aix Marseille 2, F-13284 Marseille 07, France

来源：

JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION | 2012年 / 10卷 / 05期

关键词：

E22; E32; O16; O30; O32; GROWTH; UNCERTAINTY;

D O I：

10.1111/j.1542-4774.2012.01093.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：1001 / 1024

页数：24

共 23 条

[1] Virtues of bad times - Interaction between productivity growth and economic fluctuations [J].