创新和企业债务融资:来自中国上市企业的证据  

Innovation and Corporate Debt Financing:Evidence from China Listed Companies

作　　者：乔坤元[1] 

机构地区：[1]北京大学光华管理学院,北京100871

出　　处：《南方金融》2012年第8期51-56,共6页South China Finance

摘　　要：本文借助中国上市企业的面板数据,考察和实证检验了企业创新与企业债务融资之间的联系。研究结果表明,通过控制公司个体效应和其他影响因素、使用替代变量、划分子样本进行考察,并在考虑可能的内生性问题之后,企业的创新能力与其债务融资能力呈正相关,企业的创新每增加1个标准差,其债务融资能力增加7倍标准差。这表明企业创新不仅促进其生产和盈利能力的提高,而且对企业的财务运转具有一定的帮助。By using the panel data of listed companies in China, this paper examines the relationship between innovation and debt financing for corporate. By controlling the individual effect and other factors, substitutable variables check, and investigation across the subsamples as well as solving the possibly existing endogeneity, the author finds that innovation is positively correlated with firm＇s debt capacity; one standard deviation rise in innovation will bring about seven standard deviation of rise in debt capacity. This means that innovation is not only beneficial for firms＇ productivity, earning, but also for its debt financing and financial operation.

关 键 词：公司金融 债务融资 企业创新 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F224