经营杠杆影响企业创新吗  

Can Operating Leverage Affect Corporate Innovation

作　　者：朱琳[1,2] 江轩宇 伊志宏 潘琦[6] Zhu Lin;Jiang Xuanyu;Yi Zhihong;Pan Qi(School of Accountancy,Wuxi Taihu University;School of Accountancy/China Management Accounting Research Center,Central University of Finance and Economics;Business School,Renmin University of China;Trade Promotion Center,China Council for the Promotion of International Trade)

机构地区：[1]无锡太湖学院会计学院 [2]苏南资本市场研究中心 [3]中央财经大学中国管理会计研究与发展中心 [4]中央财经大学会计学院 [5]中国人民大学商学院 [6]中国国际贸易促进委员会商品贸易处

出　　处：《南开管理评论》2021年第6期163-173,I0031,I0032,共13页Nankai Business Review

基　　金：国家自然科学基金项目(71972193、71602197);江苏高校人文社会科学校外研究基地“苏南资本市场研究中心”项目(2017ZSJD020)资助。

摘　　要：本文结合我国经济增长放缓及实施创新驱动发展战略的现实背景,探讨了经营杠杆是否以及如何对企业创新能力产生影响。研究发现,经营杠杆与企业创新之间存在显著的负向关系,即经营杠杆的降低能有效促进企业创新能力的提升。进一步的研究表明:(1)经营杠杆对企业创新的抑制作用仅在企业销售收入下滑时显著;(2)经营杠杆伴随的风险压力及高昂的调整成本是其抑制企业创新的重要机制;(3)经营杠杆与企业创新的负向关系仅在非国有企业及创新型企业中显著;(4)经营杠杆的提高并未导致企业的投资在创新项目内部转移,而是促使其减少了所有类型的创新活动。Enhancing firms’ability to innovate and accelerating the implementation of the strategy of innovation-driven development are important channels to adapt to the new normal of Chinese economy.But during the process of promoting the strategy of innovation-driven development,firms’leverage risk becomes more obvious.Prior literature has proved that excessive financial leverage is not conducive to the development of firms’innovation activities.It is noteworthy that firms’leverage risk is constituted by both the financial leverage risk and operat-ing leverage risk.In particular,considering the complex global economic environment and economic pressure in China,operating leverage will magnify the impacts of uncertainties(such as market uncertainty or production uncertainty)on corporate profits.Therefore,the risk of operating leverage should not be underestimated.Howev-er,prior literature has ignored the role of operating leverage played in influencing corporate innovation.Can operating leverage affect corporate innovation?Theoretically,the impact of operating leverage on corporate innovation is uncertain.On the one hand,the higher risk exposure and adjustment cost associated with increased operating leverage may reduce the firms’motivation to engage in risky innovation activities,and thus inhibit corporate innovation.On the other hand,the performance enhancing and business uncertainty effects of operat-ing leverage may improve firm’s ability and willingness to carry out innovative activities and promote innova-tion.Therefore,the impact of operating leverage on corporate innovation remains to be tested empirically.Therefore,this paper investigates whether and how operating leverage affects corporate innovation using a sam-ple of Chinese A-share listed firms from 2007 to 2016.Following the literature,we use the estimated coefficient of a time-series regression of operating costs on sales revenue as a measure of operating leverage and investigate the impact of operating leverage on corporate innovation.(1)We find

关 键 词：企业创新 经营杠杆 风险压力 调整成本 

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