融资结构影响企业绩效的实证研究——基于企业创新的调节效应  

Financial Structure, Innovation Input and Corporate Performance——Based on the mediating effect of innovation input

作　　者：魏蒙[1] 王如忠[1] 

机构地区：[1]上海社会科学院应用经济研究所,上海200020

出　　处：《上海经济》2017年第3期84-99,共16页Shanghai Economy

摘　　要：由于股权融资和债务融资各自存在的代理成本和治理效应,企业融资结构会对企业绩效产生直接影响。同时,企业持续发展需要进行创新,建立在企业创新的资产专用性和信息不对称的基础上,在企业融资结构影响企业绩效的这一过程中,企业创新发挥着重要的调节作用。本文选取我国首个创建国家创新型城市试点市广东省深圳市在全国第三次经济普查中采集的工业企业全样本数据,通过因子分析和调节效应检验发现,企业创新在融资结构影响企业绩效的关系中发挥重要的调节效应,其创新投入和创新产出皆为半调节变量,均正向调节融资结构和企业绩效的关系。同时,创新投入和创新产出对股权融资、债务融资分别与企业绩效关系的调节作用并不相同。Based on the agency costs and governance effects, corporate financial structure consisting of equity and debt financing directly affects corporate performance, and this process is regulated by corporate innovation. This paper selects the third national economic census of whole industrial enterprises in Shenzhen, Guangdong province as sample data, through factor analysis and empirical test, the result shows that corporate innovation plays a moderating effect in the relationship between financial structure and corporate performance, the innovation input in earlier stage and the innovation output in later stage are both quasi moderators, which positively regulate the relationship between the financial structure and corporate performance. At the same time, the innovation input and output respectively has a different moderating effect on the equity financing and debt financing.

关 键 词：融资结构 企业创新 企业绩效 股权融资 债务融资 调节效应 

分 类 号：F021.9[经济管理—政治经济学]