企业自主创新的融资渠道选择研究——来自中国信息技术行业上市公司的经验证据  

Financing Channels for Independent Innovation of Enterprises——an Empirical Evidence from Listed Companies of Information Technology Industry in China

作　　者：刘淑贤[1] 陈昆玉[1] 

机构地区：[1]云南财经大学工商管理学院,云南昆明650221

出　　处：《科技管理研究》2011年第19期9-12,共4页Science and Technology Management Research

基　　金：国家自然科学基金项目"西部地区企业自主创新的融资行为及其对企业成长的影响"(70862005)

摘　　要：在构建"创新型国家"的背景下,研究我国信息技术行业进行自主创新项目时的融资渠道选择。以62家信息技术业上市公司为研究对象,以2003—2006年共4年为时间窗,按照公司与年度总共形成248个观测值,利用混合横截面方法进行回归。结果发现:不同融资渠道获得的资金额度对信息技术行业企业的自主创新能力影响不一致,除债权融资对自主创新能力有显著促进作用外,其他融资渠道没有对促进自主创新起到应有的作用。考虑到融资成本与融资风险,信息技术行业企业自主创新融资渠道的选择顺序可以总结为:债权融资、内源融资、政府补贴融资、股权融资。最后针对性地提出一些政策建议。Under the background of ＂ innovative - orientated country＂, I assess the relationship between financing options and independent innovation ability of information technology industry. This paper takes information from 62 listed companies of information technology industry for years 2003 to 2006 as the research object. I use hybrid methods and cross - sectional regression to analyze the 248 observations from the company and annual information. The results of the study indicate that the influence is inconsistent among different funding sources. In all of the financing channels, only the debt financing plays a significant role in promoting the growth of independent innovation ability. The influence of other financing channels on independent innovation is not significant and plays little role in promoting innovation. Taking financing costs and financing risk into account, the choice of financing innovation sequence can be summarized as follows ： debt financing, internal financing, government subsidies and equity financing. Finally, this paper offers some policy suggestions accordingly.

关 键 词：信息技术行业 融资渠道 自主创新能力 

分 类 号：F273.1[经济管理—企业管理]