创新型科技企业杠杆率的研发强度效应研究  

Study on R&D Intensity Effect of Leverage Ratio in Innovative Science and Technology Enterprises

作　　者：彭斌 

机构地区：[1]北京建筑大学经济与管理工程学院,北京100044

出　　处：《科技进步与对策》2018年第4期81-86,共6页Science & Technology Progress and Policy

基　　金：国家自然科学基金项目(71002098);中国博士后特别资助项目(2010198);青年英才计划项目(YETP1652)

摘　　要：企业研发有助于驱动科技型企业建立创新机制,实现企业持续稳健发展。从杠杆率角度,运用两阶段最小二乘法,结合我国科技型上市公司2010-2015年创新投入数据,探讨杠杆率如何影响企业研发强度效应,进而影响企业价值。研究发现,杠杆率削弱了研发强度效应,对于高杠杆率企业,增长机会对研发强度效应的积极影响转变为消极影响;研发强度提高,则企业价值呈递减趋势。Enterprise R&D help to drive science and technology enterprises to establish innovative mechanisms to achieve sustained and steady development.From the perspective of leverage,this paper uses the two-stage least-squares method,combined with 2010-2015 R&D data of listed companies in science and technology sector to explore how leverage affects the firm's R&D intensity effect.It is found that the leverage effect decreases the R&D intensity effect.For high leverage firms compared with the low leverage firms,the positive impact of growth opportunity on R&D intensity effect is negative,and increase of firm value caused by R&D intensity is declining trend.These results provide empirical evidence to improve the leverage ratio design of supply side structural reform.

关 键 词：创新型科技企业 杠杆率%曾长机会 研发强度效应 

分 类 号：F276.44[经济管理—企业管理]