ABSTRACT

This paper proposes new tests for financing constraints on R&D investment by directly examining the role played by working capital in smoothing the R&D expenditures of firms listed on the Tel Aviv stock exchange. It emphasizes the importance of working capital, not only for use but also as a source of funds. The findings offer new evidence for why levels of liquidity are important for R&D-intensive firms. Working capital alleviates the effects of transient finance shocks on the level of R&D, thereby averting the high adjustment costs that accompany changes in R&D.

中文翻译：

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营运资金和研发平滑：来自特拉维夫证券交易所的证据

摘要

本文通过直接研究营运资金在平滑特拉维夫证券交易所上市公司的R＆D支出中所起的作用，提出了针对R＆D投资的融资约束的新测试。它强调营运资金的重要性，不仅要使用，而且要作为资金来源。研究结果提供了新的证据，说明流动性水平对研发密集型公司为何如此重要。营运资金减轻了暂时性金融冲击对研发水平的影响，从而避免了研发变化带来的高昂的调整成本。