营商环境、融资结构与家族企业创新投入  

Business environment, financing structures and investment in innovation of family enterprises

作　　者：辛金国[1] 蔡婧靓 杨晨 管晓永[4] Xin Jinguo;Cai Jingliang;Yang Chen;Guan Xiaoyong(Research Center of Information Technology and Economics and Social Development,Hangzhou Dianzi University,Hangzhou 310018,Zhejiang,China;School of Economics,Hangzhou Dianzi University,Hangzhou 310018,Zhejiang,China;Hangzhou Vocational and Technical College,Hangzhou 310018,Zhejiang,China;Hangzhou Normal University,Hangzhou 310018,Zhejiang,China)

机构地区：[1]杭州电子科技大学信息化与经济社会发展研究中心,浙江杭州310018 [2]杭州电子科技大学经济学院,浙江杭州州310018 [3]杭州职业技术学院,浙江杭州310018 [4]杭州师范大学阿里巴巴商学院,浙江杭州310018

出　　处：《科研管理》2023年第1期56-65,共10页Science Research Management

基　　金：国家社会科学基金项目:“乡村振兴背景下我国小城镇高质量发展机理、评价体系与实现路径研究”(20BJL077,2021.01—2023.12);浙江省社会科学规划重大课题项目:“乡村振兴与小城镇协同创新高质量发展的战略与实现路径研究”(22YSXK02ZD,2021.10—2023.12)。

摘　　要：持续创新是以家族企业为代表的民营企业的关键所在,而创新投入是衡量家族企业创新的重要标准,也是实现高质量发展的驱动力。受制于营商环境和融资结构等因素,我国家族企业长期处于创新投入不足状态,这一局面的存在将不利企业长期发展。因此,本文以2015—2018年间506家家族企业为样本,运用面板回归模型和门槛模型分析了股权融资、债权融资与家族企业创新投入的关系,以及企业所处营商环境对上述关系的调节作用,这为家族企业的创新发展提供决策参考。研究结果表明:不同的融资方式对家族企业创新投入的影响是不同的,其中股权融资有利于家族企业创新投入的增加,而债权融资则起到相反的效果;加入营商环境因素后发现,营商环境在两者关系中存在显著的调节作用;通过进一步的门槛效应分析发现当营商环境存在不足时,调节作用并不显著。当营商环境相对完善时,在股权融资、债权融资与创新投入的关系中,营商环境均起到正向调节作用。The current economy is at a critical point in the transformation from factor-driven pattern to innovation-driven pattern, and innovation capability has become a new standard to measure the level of economic development of a country. In recent years, China′s innovation capacity has continued to grow. And as an important carrier for implementing innovation activities, enterprises have been widely concerned about the improvement of their innovation capacity and the growth of investment in innovation. As an important player in China′s economic activities, the investment in innovation of private enterprises is directly related to whether China can fully realize industrial upgrading and high-quality development. However, according to the research and analysis report of China′s top 500 private enterprises, among the top 500 private enterprises in 2020, 62 enterprises have the R&D intensity of more than 3%, and 7 enterprises have that of more than 10%. It can be seen that China′s private enterprises lack a strong sense of innovation. And 80% of China′s private enterprises are family enterprises, an important part of private enterprises. They are of indispensable importance in the development of the national economy. It can be further inferred that the innovation problem of private enterprises is to a large extent the innovation problem of family enterprises. Therefore, there is an urgent need to find the crux of inhibiting the investment in innovation of family enterprises. Due to China′s credit market condition, the size of enterprises and the different financial institutions chosen can lead to different costs and efficiency of financial services. This will undoubtedly reduce the scope and amount of financing, affecting the investment in innovation of family enterprises. Therefore, financing is very important for family companies to invest in innovation. In addition, the business environment has received wide attention in recent years. It is closely related to enhancing the core competitiveness of regional d

关 键 词：家族企业 营商环境 融资结构 创新投入 

分 类 号：F273.1[经济管理—企业管理]