债务期限结构错配抑制了高科技企业R&D投入吗?——基于认证高新技术企业的经验证据  

Does Debt Maturity Structure Mismatch Restrain R&D Investment of High-tech Enterprises?--Empirical Evidence on Certified High-tech Enterprises

作　　者：熊莉[1] 李红松[1] XIONG Li;LI Hong-song(School of Management,Wuhan University of Science and Technology,Wuhan Hubei 430065)

机构地区：[1]武汉科技大学管理学院,湖北武汉430065

出　　处：《湖南财政经济学院学报》2023年第2期87-98,共12页Journal of Hunan University of Finance and Economics

基　　金：湖北省哲学社会科学基金项目“高成长中小高科技企业资金运营特征与定向金融支持对策研究”(项目编号:2018099);湖北省教育厅人文社科重点项目“杠杆过度、期限结构错配与高科技企业成长性崩塌:内生机理及治理对策”(项目编号:20D016)。

摘　　要：选取认证高新技术企业为样本,将债务水平与债务-资产期限结构配置纳入统一分析框架,并充分考虑两者的内生关系,考察债务期限结构错配对高科技企业R&D投入强度的影响。结果表明:债务杠杆对高科技企业后期R&D投入强度存在显著的负面影响,但影响呈减弱趋势;“短债长用”类错配对高科技企业R&D投入强度存在一定程度的正面促进作用,而“长债短用”类错配则抑制了R&D投入;债务杠杆与债务期限结构配置之间存在影响R&D投入的正面交互效应,交互效应的存在强化了债务杠杆的负面影响和债务期限错配的积极作用,采用“低杠杆”加“短债长用”错配组合,更有利于促进高科技企业R&D投入。Bringing debt level and debt-asset maturity structure allocation into the unified analysis framework,and fully considering the endogenous relationship between them,this paper examines the impact of debt maturity structure mismatch on R&D investment intensity of high-tech enterprises based on certified high-tech enterprises as samples.The results show that:Debt leverage has a significant negative impact on the late R&D investment intensity of high-tech enterprises,but the impact is weakening;The mismatch of"short-debt for long-term use"has a positive effect on the R&D investment intensity of high-tech enterprises,while the mismatch of"long-debt for short-term use"inhibits R&D investment;There is a positive interaction effect between debt leverage and debt maturity structure allocation,which strengthens the negative impact of debt leverage and the positive role of debt maturity mismatch.The combination of"low leverage"and"short-debt for long-term use"is more conducive to promoting R&D investment of high-tech enterprises.

关 键 词：债务杠杆 债务期限结构错配 R&D投入 高科技企业 

分 类 号：F832.5[经济管理—金融学]