光伏企业融资渠道对技术创新质量的影响——基于经理人创新管理能力的调节效应  

Impact of Financing Channels on Technological Innovation Quality in Photovoltaic Enterprises-Moderating Effect of Managers’Innovation Management Ability

作　　者：刘扬 赵晓丽 LIU Yang;ZHAO Xiaoli(School of Economics and Management,China University of Petroleum,Beijing 102249,China)

机构地区：[1]中国石油大学(北京)经济管理学院,北京102249

出　　处：《北京理工大学学报（社会科学版）》2023年第4期52-64,共13页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家自然科学基金项目(71934006);国家社会科学基金项目(21AZD111)。

摘　　要：双碳目标下,促进可再生能源大规模发展的任务变得更加紧迫。高质量技术创新是促进可再生能源大规模发展的重要条件。但高质量意味着高风险,企业不仅需要大量的资金投入,还需要良好的对技术创新的管理能力。以中国、美国、德国、日本和韩国五国光伏上市企业为例,从物质资本与人力资本相结合的角度,揭示经理人技术创新管理能力在股权、债权融资对光伏企业技术创新质量影响关系中的重要作用。研究发现,由于投资者渴望规避高风险,股权融资与债权融资对技术创新质量均有负向影响,且债权融资比股权融资的负向影响更大;但如果经理人对技术创新活动有较好的管理能力,就能在企业创新的不同阶段有效缓解上述不利影响,甚至可以引导股权融资对创新质量发挥促进作用。在实证研究基础上,从企业经营和政府部门制定政策两方面给出提高光伏企业技术创新质量的对策建议。The task of promoting large-scale development of renewable energies has become more urgent in face of the dual carbon target.High-quality technological innovation is an important condition for promoting large-scale development of renewable energies.However,high quality means high risk.Enterprises need not only a lot of capital investment,but also good management of technological innovation.Taking the photovoltaic listed companies in China,the United States,Germany,Japan and South Korea as examples,this paper reveals the influence mechanism of stock and debt financing on the innovation quality of photovoltaic enterprises from the perspective of the combination of capital and human.It is found that equity and debt have a negative impact on the quality of technological innovation,and debt has a greater negative impact than equity.Managers with good management of technological innovation can effectively alleviate these adverse effects in different stages of enterprise innovation,and even guide equity financing to promote innovation quality.Finally,on the basis of empirical research,the countermeasures and suggestions to improve the innovation quality of photovoltaic enterprises are given from two aspects:enterprise management and government policy making.

关 键 词：光伏企业 股权融资 债权融资 创新质量 经理人创新管理能力 

分 类 号：F273.1[经济管理—企业管理]