无形资产如何影响高新技术企业债务融资?——价值创造、抵押价值与税盾效应  

How Do Intangible Assets Affect the Debt Financing of High-tech Enterprises? Value Creation, Collateralizability and Tax Shield Effect

作　　者：徐畅 呼建光[2] Xu Chang;Hu Jianguang(College of Economics and Management,China Jiliang University,Hangzhou 310016,China;Business School,Jilin University,Changchun 130012,China)

机构地区：[1]中国计量大学经济与管理学院,浙江杭州310016 [2]吉林大学商学院,吉林长春130012

出　　处：《科技管理研究》2022年第11期162-172,共11页Science and Technology Management Research

基　　金：教育部人文社会科学重点研究基地项目“‘十三五’期间中国增长型经济波动态势与宏观调控模式研究”(16JJD790014)。

摘　　要：以2007—2019年被认定为高新技术企业的A股上市公司为样本,构建并行多重中介效应模型检验无形资产对债务融资的影响。结果表明,持有无形资产有助于高新技术企业获取债务融资,抵押价值是债务融资能力形成的核心原因,税盾效应负向影响债务融资水平,无形资产价值创造能力未能发挥债务融资支持作用;国有高新技术企业无形资产的债务融资能力主要来源于抵押价值,民营高新技术企业则来源于价值创造能力;高新技术企业无形资产债务融资能力来源于技术类无形资产的价值创造能力、其他类无形资产的抵押价值,非高新技术企业则来源于使用权类无形资产的价值创造能力与抵押价值。Taking A-share listed companies recognized as high-tech enterprises from 2007 to 2019 as samples, a parallel multiple mediation effect model was constructed to test the impact of intangible assets on debt financing. The results show that: holding intangible assets helps high-tech enterprises to obtain debt financing, collateralizabilityis the core reason for the formation of intangible assets debt financing ability, the tax shield effect negatively affects the willingness of enterprises to raise debts, and the ability to create value of intangible assets fails to play a supporting role in debt financing. The debt financing ability of the intangible assets of state-owned high-tech enterprises mainly comes from the collateralizability, and the debt financing ability of the intangible assets of private high-tech enterprises comes from the value creation ability. The intangible assets debt financing ability of high-tech enterprises mainly comes from the value creation ability of technical intangible assets and the collateralizability of other intangible assets. The intangible assets debt financing ability of non-high-tech enterprises mainly comes from the value creation ability and mortgage value of the right-of-use intangible assets.

关 键 词：无形资产 债务融资 价值创造 抵押价值 税盾效应 

分 类 号：F273.1[经济管理—企业管理]