债券增信对企业创新的影响研究  

Influence of Credit Enhancement on Corporate Innovation

作　　者：晏艳阳[1] 王培斌[1] 邓嘉宜 YAN Yan-yang;WANG Pei-bin;DENG Jia-yi(College of Finance&Statistics,Hunan University,Changsha410079 China)

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079

出　　处：《湖南大学学报（社会科学版）》2018年第6期72-78,共7页Journal of Hunan University(Social Sciences)

基　　金：国家社会科学基金重点项目:创新创业政策绩效评价与机制优化研究(16ATJ003)

摘　　要：债券增信能帮助企业以更好的条件发行债券,因而对企业的创新能力产生影响。通过对2007-2015年上市债券的研究发现:债券增信能够显著提升企业创新能力,但不同的增信方式(第三方保证、抵押和质押)其影响存在差异,其中,以采用抵押担保的增信方式效果为最佳;并且,债券增信对企业创新的提升效果在融资约束企业更为明显,从另一侧面证明了融资约束对企业创新的负面影响。Debentures’credit enhancement can help firms successfully issue bonds with better conditions,accordingly,it can influence its innovation ability.Based on the data of the listed bond over the year 2007-2015,we find that credit enhancement can improve firms’innovation ability while the method of mortgage guarantee is the best among the three types of credit enhancement being generally used.Furthermore,these influences are greater in firms with financing constraints than those without financing constraints,the results support the negative influence of financing constraints on innovation in a different way.

关 键 词：债券增信 研发投入 融资约束 第三方担保 

分 类 号：F832.5[经济管理—金融学]