Financial Constraints, R&D Investment, and Stock Returns
研究了融资约束与研发投入的相互作用如何解释两个资产定价谜题：融资约束与股票收益关系的混合证据以及研发投入与股票收益的正相关关系。发现融资约束对股票收益的影响主要存在于研发密集型公司，而研发投入的预测能力也仅限于融资约束公司。
Through the interaction between financial constraints and R&D, I study two asset-pricing puzzles: mixed evidence on the financial constraints--return relation and the positive R&D-return relation. Unlike capital investment, R&D is more inflexible. A financially constrained R&D-intensive firm is more likely to suspend/discontinue R&D projects. Therefore, R&D-intensive firms' risk increases with their financial constraints. Conversely, constrained firms' risk increases with their R&D intensity. I find a robust empirical relation between financial constraints and stock returns, primarily among R&D-intensive firms. Moreover, R&D predicts returns only among financially constrained firms. This evidence suggests that financial constraints potentially drive the positive R&D-return relation. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.