高新技术企业的资本结构与经营绩效关系--基于不同研发强度的视角  

Relationship Between Capital Structure and Performance of High-tech Enterprises:From the Perspective of Different R&D Intensity

作　　者：郄海拓 耿喆[1] 张志娟[1] Qie Haituo;Geng Zhe;Zhang Zhijuan(Institute of Scientific and Technical Information of China,Beijing 100038,China)

机构地区：[1]中国科学技术信息研究所,北京100038

出　　处：《科技管理研究》2020年第16期123-132,共10页Science and Technology Management Research

基　　金：北京科技计划政策法规与体制机制改革项目“公私合作促进公共研发与创新服务的对策研究”(Z151100002615007);青海省科技厅软科学计划项目“落实青海省创新驱动发展战略关键问题研究”(2016-ZJ-609);中国科学技术信息研究所创新研究基金青年项目“基于文本挖掘的国家创新型城市科技创新政策量化评价研究”(QN2020-06)。

摘　　要：基于2012—2018年我国涉及6个行业的上市高新技术企业数据,研究不同研发强度下企业资本结构与经营绩效之间的关系。研究结果表明:企业资本结构与经营绩效之间存在双门槛效应,门槛值分别为2.500和9.280;在低水平和高水平的研发强度下,企业资产负债率对于经营绩效的负向效应较低,而在中等水平的研发强度下负向效应较高,且3个区间的负向效应均远低于不存在研发投入变量时的负向影响水平。研究一方面说明企业研发投入存在最优区间,另一方面说明研发投入确实有助于削弱企业资产负债率对经营绩效的负向影响。此外在其他因素的研究中也发现,企业的规模和盈利能力等因素也对经营绩效存在非线性的作用,因此企业应定期检测这些指标,确保其保持在最优范围内,以全面提升绩效。Based on the data of high-tech enterprises companies involving six industries from 2012 to 2018,this paper studies the relationship between the capital structure and performance of enterprises under different R&D intensity.The results show that there is a double threshold effect between the capital structure and performance of enterprises,with thresholds of 2.500 and 9.280 respectively;under the low level and high level of R&D intensity,the negative effect of the asset liability ratio on the business performance is lower,while the negative effect of the middle level is higher,and the negative effects of the three ranges are much lower than the negative effects when there is no R&D investment variable.Therefore,on the one hand,it shows that there is an optimal range of R&D investment,and on the other hand,it shows that R&D investment does help to weaken the negative impact of asset liability ratio on performance.In the study of other factors,it is also found that factors such as enterprise size and profitability also have non-linear effects on business performance,therefore enterprises should regularly test these indicators to ensure that they are kept within the optimal range and improve their performance in an all-round way.

关 键 词：资本结构 研发强度 企业经营绩效 高新技术企业 门槛模型 

分 类 号：F264.2[经济管理—国民经济] F272