Industrial research versus development investment: the implications of financial constraints
将研发活动拆分为研究（R）和发展（D），发现研究投资比发展投资更依赖企业内部流动性，而获得基础研究补贴的企业对内部流动性的敏感度较低。
Previous literature provided evidence on financing constraints for investment in research and development (R&D) activities due to capital market imperfections and special features of R&D investments. Moreover, it has been shown that a shift in capital structure towards more debt results in a reduction of R&D investments. This article complements this literature by compartmentalising R&D activities into its components, ‘R’ and ‘D’. In particular, we distinguish research from development as these activities not only differ in their nature but also, to a large extent, take place sequentially. Our results show that ‘R’ investment is more sensitive to a firms’ operating liquidity than ‘D’ indicating that firms have to rely even more on internal funds for financing their research compared with development activities. Moreover, we find that (basic) research subsidy recipients’ investment is less sensitive to internal liquidity.