内源融资、一股独大与中小创新型民营企业价值  

Internal Financing,Single Shareholder Dominance and the Value of Small and Medium-Sized Innovative Private Enterprises

作　　者：李新[1] 贺星源 沈忱 Li Xin;He Xingyuan;Shen Chen

机构地区：[1]首都经济贸易大学金融学院,北京100071 [2]中国铁道科学研究院,北京100089

出　　处：《证券市场导报》2020年第6期22-31,共10页Securities Market Herald

基　　金：北京市社会科学基金研究基地项目“京津冀CBD金融资源优化模式研究”(项目编号:17JDYJB003)。

摘　　要：中小创新型民营企业在科技发展中扮演极其重要角色。当前,我国企业整体杠杆率较高,而中小企业杠杆率却处于低位,表明中小创新型民营企业发展很大程度依靠内源融资。本文以新三板创新层挂牌企业为研究样本,采用工具变量法进行实证研究,并进行异质性分析,发现内源融资对中小创新型民营企业价值的影响呈现"倒U型"关系,内源融资对不同行业、债务水平和绩效水平下企业价值的影响不尽相同。进一步研究发现,具备一股独大特征的企业内源融资对企业价值的作用效果更为明显,且内源融资是一股独大程度影响企业价值的中介变量。本文发现,过高或过低的内源融资率都不利于中小创新型民营企业发展,中小创新型民营企业一股独大的股权结构具有合理性。Small and medium-sized private innovative enterprises play an important role in the development of science and technology.At present,the overall leverage ratio of Chinese enterprises is high,while the leverage ratio of SMEs is low,indicating that SMEs heavily rely on internal financing.This paper uses a sample of listed companies on the innovation level of the NEEQ with an instrumental variable method and conducts heterogeneity analysis.This study reveals that the impact of internal financing on the value of SMEs presents an“inverted U-shaped”relationship,and the impact of internal financing on corporate value varies across industries,debt levels and performance levels.Further research shows that the impact of companies that are dominated by a single shareholder is more significant.Internal financing is the intermediary variable of shareholding dominance degree that affects the value of the enterprise.Therefore,this paper concludes that internal financing rates that are too high or too low are adverse to the development of small and medium-sized innovative private enterprises,and a dominant shareholding structure is reasonable in some extent.

关 键 词：内源融资 一股独大 中小创新型民营企业 企业价值 新三板 

分 类 号：F830.91[经济管理—金融学] F276.6