信息透明度、商业信用融资与创新投入  

Information Transparency,Commercial Credit Financing and Innovation Investment

作　　者：张晓盈[1] 丁萍 ZHANG Xiaoying;DING Ping(School of Finance,Jiangxi Normal University,Nanchang,Jiangxi 330022,China)

机构地区：[1]江西师范大学财政金融学院,江西南昌330022

出　　处：《金融教育研究》2022年第2期55-67,共13页Research of Finance and Education

基　　金：国家自然科学基金项目(71463028);国家社会科学基金项目(20BJL006);江西省教育科学“十四五”规划项目(21ZD017)。

摘　　要：利用2007—2020年深交所上市公司的数据,在研究信息透明度对企业创新投入作用的基础上,以商业信用融资为切入点,研究其能否通过商业信用融资对企业的创新投入产生一定的影响。并在此基础上进行了中介检验,探究商业信用融资在这一关系中是否起到了中介作用。实证检验发现信息透明度可以有效提升企业的创新投入,并且其可以通过商业信用融资显著提升了企业的创新投入。区分不同企业的产权性质,商业信用融资的中介作用显著存在于民营企业;区分不同企业的负债程度,商业信用融资的中介作用在高资产负债率的企业中更为显著。拓展了信息透明度与企业创新投入相关领域的研究,揭示了其影响企业创新投入的新路径,在现实中有助于企业有效利用商业信用资源来促进创新活动的开展,进一步推动我国建设成为创新型国家。Using the data of Listed Companies in Shenzhen Stock Exchange from 2007 to 2020,on the basis of studying the effect of information transparency on enterprise innovation investment,taking commercial credit financing as the starting point,this paper studies whether it can have a certain impact on enterprise innovation investment through commercial credit financing.On this basis,we conduct an intermediary test to study whether commercial credit financing plays an intermediary role in this relationship.The empirical test shows that information transparency can effectively improve the innovation investment of enterprises,and it can significantly improve the innovation investment of enterprises through commercial credit financing.Distinguishing the property rights of different enterprises,the intermediary role of commercial credit financing significantly exists in private enterprises.Distinguish the degree of debt of different enterprises;the intermediary role of commercial credit financing is more significant in enterprises with high asset liability ratio.The research of this paper expands the research in the fields related to information transparency and enterprise innovation investment,reveals its new path affecting enterprise innovation investment,helps enterprises to effectively use commercial credit resources to promote the development of innovation activities,and further promotes China’s construction into an innovative country.

关 键 词：信息透明度 商业信用融资 创新投入 

分 类 号：F832[经济管理—金融学]