Light Asset Operation,Stock Liquidity,and Research and Development Investment
Light asset operation,as a new value oriented capital strategy,has a significant impact on resource allocation decisions such as R&D investment in enterprises.This article selects non-financial listed companies on the A-share market in China from 2010 to 2020 as samples to empirically explore the relationship between light asset operation and R&D investment,as well as the moderating role of stock liquidity in it.Research has found that light asset operations have an inverted U-shaped impact on R&D investment,and the liquidity of stocks strengthens the inverted U-shaped relationship between the two.The analysis of property rights and industry heterogeneity shows that the inverted U-shaped impact of light asset operation on R&D investment is more significant in non-state-owned enterprises and technology intensive enterprises.This article helps to deepen the understanding of the impact mechanism of light asset operation on R&D investment,and has certain reference significance in optimizing company asset allocation and capital market construction.
万方数据
维普
