Tamaño, restricciones financieras e inversiones en I+D

  1. Marra Domínguez, María Angeles
Revista:
Revista de economía aplicada

ISSN: 1133-455X

Ano de publicación: 2007

Volume: 15

Número: 45

Páxinas: 99-123

Tipo: Artigo

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Outras publicacións en: Revista de economía aplicada

Resumo

Este trabajo analiza empíricamente los efectos de restricciones de liquidez en la inversión en actividades de I+D de una muestra de empresas manufactureras españolas clasificada según su tamaño durante el periodo 1991-1999. Las estimaciones confirman que la inversión en I+D emprendida por las empresas de menor tamaño presenta una mayor sensibilidad al cash flow y una relación negativa fuerte con la tasa de endeudamiento, lo que sugiere la posible presencia de restricciones financieras. Por el contrario, para las grandes empresa se muestra que la variable cash flow es significativa, aunque presenta un poder explicativo pequeño, por lo que no se encuentra evidencia de que existan restricciones en el acceso a la financiación externa. Además, también se obtiene evidencia sobre el comportamiento inversor en activos materiales que señalan que no parece existir restricciones en la capacidad de endeudamiento de las empresas de pequeño y mediano tamaño analizadas.

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