How Do Firm Characteristics Influence the Relationship between R&D and Firm Value?
研究了企业特征如何影响研发支出与市场价值的关系，发现规模、增长和市场份额有正向作用，而自由现金流、外部融资依赖、劳动和资本密集度有负向作用。
This paper focuses on how a firm's characteristics affect the market valuation of its research and development (R&D) spending. We derive a valuation model based on the capital market arbitrage condition. Using the generalized method of moments and data from the Eurozone countries to estimate this model yields interesting results. Several firm characteristics (size, firm growth, and market share) positively affect the relationship between firm value and R&D spending, while others (free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D spending depends on firm characteristics .