Venture Capital,Financial Constraints,and Cyclicality of R&D Investment
Jin Yonghong1, Xi Yuqin2, Zhang Kaige1, Wang Yueqi1
1. School of Finance and Business,Shanghai Normal University,Shanghai 200234,China; 2. School of Management,Shanghai University of International Business and Economics,Shanghai 201620,China
Abstract：According to opportunity cost theory,R&D investment should ideally be countercyclical.However,empirical studies find that R&D investment is procyclical due to the presence of financing frictions.Venture capital has a significant role in alleviating R&D resource financing constraints,but its effect on the R&D cyclicality of investee firms is unclear.This paper theoretically and empirically explores the smoothing mechanism of venture capital on financing constraints and R&D investment cyclicality.It is found that venture capital can smooth the procyclicality of R&D investment;the smoothing effect of venture capital on the procyclicality of R&D investment is stronger in the business recession period than in the business boom period.Further,it is found that the smoothing effect of venture capital on the procyclicality of R&D investment is achieved by alleviating the financing constraint,and the asymmetry of the R&D investment cycle still exists at this time.Collectively,we contribute to the understanding of venture capital alleviates the financing constraint effect of R&D investment by the evidence on the effect of cyclicality of R&D investment on opportunity cost theory.
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