外部融资结构对企业技术创新的影响研究——基于我国信息技术行业上市公司的实证分析  

An Analysis for the Effect of External Finance Structure on Enterprise Technology Innovation——Based on the Emprical Analysis of Listed Companies in Chinese Innovation Technology Industry

作　　者：胡宗义[1] 冯婷 

机构地区：[1]湖南大学金融与统计学院,长沙410079

出　　处：《工业技术经济》2018年第1期3-10,共8页Journal of Industrial Technological Economics

基　　金：国家社科基金重点项目(项目编号:12AJL007)

摘　　要：本文以2011~2015年沪深A股199家信息技术行业上市公司为例,采用面板门限方法,研究外部融资结构对企业技术创新的非线性影响。研究结果表明:R&D投入随资产负债率的增加而呈现"U"型趋势;长期负债占比、大股东持比、前十大股东(不含大股东)持比虽然不存在门限效用,但均与R&D投入呈显著线性关系。其中,长期负债占比、大股东持比与R&D投入呈负相关;前十大股东(不含大股东)持比则与R&D投入呈正相关。因此,企业应当灵活使用外部融资方式,结合自身发展阶段,通过提高R&D投入来推动技术创新。Taking the 199 information technology companies which are listed on Shanghai and Shenzhen A-share from 2011to 2015 as examples, the paper analyses the nonlinear effects of external financing structure on enterprise technology innovation byapplying the panel threshold model. The results reveal that the R＆D investment shows a trend of ‘U’ type along with the increaseof asset-liability ratio. Besides, long-term liability ratio, large shareholders holding ratio and the former top ten shareholders （ex？cluding large shareholders） all have significant linear relationships with R＆D investment although there is no threshold effect ofthem. Specifically, the long-term debt ratio, large shareholders holding ratio have negative correlation with R＆D investment whilethe former top ten shareholders （excluding large shareholders） has positive correlation with R＆D investment. Therefore, enterpri？ses should be flexible to use external financing method combined with its own developmental stage and promote their technology innovation by increasing R＆D investment.

关 键 词：门限 R&D投入 外部融资 融资约束 企业技术创新 固定效用模型 

分 类 号：F276.4[经济管理—企业管理] F124[经济管理—国民经济]