债务期限结构与企业技术创新能力的关系研究——基于正式制度环境视角  

On the Relationship Between Debt Maturity Structure and Technological Innovation Capability Based on Formal Institutional Environment

作　　者：赵秀芳[1] 徐超[1] 胡素华[1] 黄阳[1] Zhao Xiufang;Xu Chao;Hu Suhua;Hang Yang(Business School, Shaoxing University, Shaoxing, Zhejiang 312000)

机构地区：[1]绍兴文理学院经济与管理学院,浙江绍兴312000

出　　处：《绍兴文理学院学报》2018年第3期52-62,共11页Journal of Shaoxing University

摘　　要：文章以2003-2014年浙江省上市公司为研究样本,实证检验了债务期限结构对企业技术创新能力的影响,以及外部正式制度环境因素对二者关系的调节作用。在分析债务期限结构对企业技术创新能力影响机理的基础上,基于代理成本及期限匹配理论,文章提出了两个竞争性假设:代理成本假设和期限匹配假设。研究发现,企业债务期限越长越有利于企业技术创新能力提升,但是随着企业所在地的法律环境和金融环境的改善,企业债务期限结构对企业技术创新能力的正面影响有所减弱,实证结果支持期限匹配假设。Taking Zhejiang listed companies from 2003 to 2014 as research samples, this paper used balance panel data to analyze the impact of the debt maturity structure and the enterprise technological innovation capability, and the moderating effects of environmental factors on the external formal institution. Grounded upon the analysis of the influence mechanism of debt maturity structure and enterprise technological innovation ability, this paper endeavors to propose two competing hypotheses: agency cost hypothesis and term matching hypothesis based on the theory of agency cost and term matching immunisation hypothesis. The results indicate that the debt maturity structure has significantly positive effects on the enterprise technology innovation ability, but with the improvement of the legal environment and financial environment, the positive impact of corporate debt maturity structure on enterprise technological innovation capability has been weakened. The empirical results support the immunisation hypothesis.

关 键 词：正式制度环境 债务期限结构 技术创新能力 

分 类 号：F406.3[经济管理—产业经济]