军民融合企业股权融资效率对创新效率的影响研究  

Influence of Equity Financing Efficiency on Innovation Efficiency in Military-civilian Integration Enterprises

作　　者：胡振兴 李蓓 HU Zhen-xing;LI Bei(Henan Polytechnic University,Jiaozuo 454000,China)

机构地区：[1]河南理工大学财经学院,河南焦作454000

出　　处：《河北地质大学学报》2020年第4期112-119,共8页Journal of Hebei Geo University

基　　金：河南省高等学校重点科研项目(20A790014)。

摘　　要：军民融合企业作为中国经济重要的知识产权实体和创新驱动主体,在推进军民融合深度发展中扮演着基础性甚至决定性的角色。论文从股权融资角度,以2015—2017年中国66家军民融合上市企业为样本,研究股权融资效率对创新驱动效率的作用机制。首先,运用DEA-BCC模型,对军民融合企业股权融资效率和创新效率进行了静态评价;其次,运用Malmquist指数,对军民融合企业股权融资效率和创新效率进行了动态评价;再次,运用Tobit回归模型,分析了股权融资效率对创新效率的作用程度;最后,提出了加强股权融资效率作用于创新效率的政策建议。As an important intellectual property entity and innovation driving subject of China s economy,the military-civilian integration enterprise plays a fundamental and even decisive role in promoting the deep development of military-civil integration.From the perspective of equity financing,this paper takes 66 Chinese listed companies from 2015 to 2017 as a sample to study the mechanism of equity financing efficiency on innovation-driven efficiency.Firstly,the DEA-BCC model is used to statically evaluate the equity financing efficiency and innovation efficiency of military-civilian integration enterprises;secondly,the Malmquist index was used to dynamically evaluate the equity financing efficiency and innovation efficiency of military-civilian integration enterprises;thirdly,using the Tobit regression model,the effect of equity financing efficiency on innovation efficiency is analyzed;finally,policy recommendations to strengthen the role of equity financing efficiency in innovation efficiency are proposed.

关 键 词：军民融合企业 股权融资效率 创新效率 

分 类 号：F4[经济管理—产业经济]