投資與融資行為兩者存在密不可分的關係，融資行為端視不同投資標的與特性而有所不同。在創新投資的探討中，過去文献在考量創新投資高風險特性下，大多支持創新投資較依賴於內部資金(Bloch, 2005；Ozkan, 2002)。由於台灣隸屬新興經濟體國家，資本市場相對不健全下，本研究加入考量集團的角色對創新投資之影響。利用Maestro et al.(2001)的財務限制模型與Almeida(2004)的Logit指標，以較嚴格的方法將樣本分類成財務限制公司與非財務限制公司，再進行實證分析。實證結果支持研究假說，即集團對創新投資有正向刺激效果，以及相對於非財務限制公司，集團可以明顯降低財務受到限制的公司，其內部資金對創新投資的依賴程度。本結果支持集團在內部資本市場與創新基礎建設上，對於創新投資在實質上的貢獻。 There exists an inseparable relationship between investing and financing. The behavior of financing depends on the types and characteristics of investments. An extensive literature has suggested that R&D investments are more sensitive to retained earnings because of the characteristics of R&D investments. This paper shows how the business groups in emerging economies influence R&D investments under consideration of financial constraints. We separate firms with financial constraints from those without by using strict methods, a dichotomic separation model and logit analysis. After applying two approaches to overcome the problems that empirical researches argued about methods of the financial constraint separation, the results support our hypotheses. The business groups can encourage firms to invest more R&D for innovation because of the innovation infrastructures. They also can help financially constrained firms to mitigate the dependence on the cash flow for financing R&D investments. Our research highlights the role of business groups in the R&D investment process.
