企业外源融资对创新绩效的影响研究——基于数字经济企业实证分析  

Research on the Impact of External Financing on Innovation Performance of Enterprises--Empirical Analysis Based on Digital Economy Enterprises

作　　者：黄宇霞 Yuxia Huang(School of Economics and Management,East China Jiaotong University,Nanchang,Jiangxi,330013,China)

机构地区：[1]华东交通大学经济管理学院,江西南昌330013

出　　处：《经济管理学刊（中英文版）》2024年第3期23-29,共7页Economic Management Journal

摘　　要：当代背景下,数字经济行业发展潜力巨大,相较于传统制造业,数字经济企业更着重于自身的创新投入与产出、创新绩效。本文对数字经济外源融资对创新绩效的影响进行了实证研究,利用stata软件实证检验了股权融资和债权融资对企业创新绩效的影响效果,以及政府补助在融资与创新之间发挥的中介效应。研究发现,在数字经济企业中股权融资对企业创新绩效呈显著负向作用,债权融资呈显著正向作用,而政府补助作为中介遮掩了股权融资负向影响效果以及债权融资的正向影响效果。In the contemporary context,the development potential of the digital economy industry is enormous.Compared to traditional manufacturing,digital economy enterprises focus more on their own innovation input and output,as well as innovation performance.Therefore,empirical research was conducted on the impact of external financing in the digital economy on innovation performance.The study used Stata software to empirically test the impact of equity financing and debt financing on corporate innovation performance,as well as the mediating effect of government subsidies between financing and innovation.Results show that equity financing has a significant negative effect on innovation performance in digital economy enterprises,while debt financing has a significant positive effect.Government subsidies act as intermediaries to mask the negative impact of equity financing and the positive impact of debt financing.

关 键 词：外源融资 政府补助 遮掩效应 数字经济 

分 类 号：F27[经济管理—企业管理]