企业创新的融资渠道选择与耦合机制探究  

Research on Choice and Coupling Mechanism of Financing Channels for Enterprise Innovation

作　　者：慕庆宇 谷文臣 杜浩斌 

机构地区：[1]中泰证券股份有限公司规划发展部/博士后工作站,山东济南250002 [2]中泰证券股份有限公司规划发展部/绩效考核中心,山东济南250002

出　　处：《浙江金融》2021年第10期68-80,37,共14页Zhejiang Finance

摘　　要：本文基于2013~2019年中国上市企业经验数据,对企业创新的融资渠道选择及其耦合机制进行深入探索,研究发现:总体来看,企业创新的主要资金来源为自身现金流、股权融资,而银行贷款对企业研发投入具有负向影响。进一步来看,银行贷款对企业现金流、股权融资影响企业研发投入的过程具有显著的"调节效应",且该"调节效应"随着企业外源融资依赖度以及外部法制环境的变化而表现出显著的异质性特征。在金融供给侧结构性改革的大背景下,本文基于资金需求端探究企业创新的融资偏好,并进一步剖析其内在逻辑,相关研究发现具有重要的理论与实践意义。Based on the empirical data of Chinese listed companies from 2013 to 2019,this paper conducts an in-depth exploration of the financing channel selection and coupling mechanism of corporate innovation.The research found that:overall,the main sources of funds for corporate innovation are its own cash flow and equity financing.Loans have a negative impact on corporate R&D investment.From a further perspective,bank loans have a significant"coupling effect"on the process of corporate cash flow and equity financing affecting corporate R&D investment,and this"coupling effect"manifests significantly heterogeneous characteristics with changes in the company’s external financing dependence and the external legal environment.In the context of the structural reform of the financial supply side,this article explores the financing preferences of corporate innovation based on the capital demand side,and further analyzes its internal logic.Related research findings have important theoretical and practical significance.

关 键 词：融资渠道 研发投入 银行贷款 

分 类 号：F273.1[经济管理—企业管理] F275.1[经济管理—国民经济]