人工智能产业上市公司融资偏好实证研究  

Empirical Research on Financing Preference of Listed Artificial Intelligence Companies

作　　者：许珂 耿成轩[1] XU Ke;GENG Cheng-xuan(School of Economics&Management,Nanjing University of Aeronautics and Astronautics,Nanjing 211106,China;School of Economics&Management,Changzhou Institute of Technology,Changzhou 213032,China)

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106 [2]常州工学院经济与管理学院,江苏常州213032

出　　处：《数学的实践与认识》2021年第17期46-56,共11页Mathematics in Practice and Theory

基　　金：中央高校基本科研业务费前瞻性发展策略研究基金项目(NW2019002)。

摘　　要：基于人工智能产业97家上市公司样本2015-2019年的数据,首先运用修正的优序融资模型对融资偏好进行分析,发现人工智能产业上市公司先外后内,先股权后债权的融资偏好.然后进一步利用Ordered-probit模型对常见的五种融资方式的选择顺序进行分析,发现选择概率从大到小排列为:发行股票、短期借款、发行债券、内部融资、长期借款.成长性高低、规模大小与融资方式选择顺序成正比,成长率高、规模大的企业选择股权融资方式的概率也高.企业性质与融资方式选择顺序成反比,非国有企业选择股权融资方式的概率较高.文章最后提出一些政策建议以优化人工智能产业的融资偏好和融资方式选择顺序,以规范融资行为,提高融资效率.Based on data of 97 listed companies in artificial intelligence industry during 2015-2019,the paper first used the modified pecking order model to analyze the financing preference,and found that sample companies prefer external financing to internal financing,prefer equity financing to debt financing.Then the selection order of five financing means was further analyzed based on ordered-probit model.The results show that,the selection probability ranges from large to small are:issuing stocks,short-term borrowing,issuing bonds,internal financing and long-term borrowing.The growth rate and enterprise size are positively related to selection order of financing means,and companies with high growth rate and large scale have higher probability of choosing equity financing.The nature of the enterprise is negatively related to selection order of financing means,and non-state-owned enterprises have higher probability of choosing equity financing.On this basis,some policy suggestions were put forward to optimize the financing preference and selection order of financing means for artificial intelligence industry to standardize financing behavior and promote the financing efficiency.

关 键 词：融资偏好 融资方式选择顺序 优序融资理论 Ordered-probit模型 人工智能 

分 类 号：F275[经济管理—企业管理] F49[经济管理—国民经济] F832.51F224