债务融资何以影响企业创新表现?  

How Does Debt Financing Affect Corporate Innovation Performance?

作　　者：蒋薇 JIANG Wei(College of Economics and Management,Xi'an University of Posts and Telecommunications,Xi'an Shaanxi 710061,China)

机构地区：[1]西安邮电大学经济与管理学院,陕西西安710061

出　　处：《技术经济与管理研究》2025年第4期96-103,共8页Journal of Technical Economics & Management

摘　　要：选取2008—2023年我国沪深A股上市公司样本数据,考察债务融资对企业创新的影响。研究发现:债务融资与企业创新数量、企业创新质量以及企业创新积累均呈“倒U”型关系,当债务融资规模超过“倒U”型转折点后,会抑制企业创新;债务融资与创新质量的“倒U”型关系在国有企业、非国有企业、获得创新补助的企业中成立,债务融资与创新积累的“倒U”型关系仅在非国有企业中成立;融资约束正向调节债务融资与创新数量、创新质量的“倒U”型关系,即当融资约束较严重时,会使债务融资与创新数量、创新质量的“倒U”型曲线更加陡峭。研究结论对债务融资作为金融市场主要工具引导信贷资金向科技创新领域倾斜、发挥其外部企业治理功能,助力企业提升自主创新能力具有重要的现实意义。This article examines the impact of debt financing on innovation output of Chinese A-share listed companies based on sample data from 2008 to 2023.Research has found that debt financing has an“inverted U-shaped”relationship with the quantity,quality,and accumulation of corporate innovation.When the scale of debt financing exceeds the“inverted U-shaped”turning point,it will inhibit corporate innovation;The inverted U-shaped relationship between debt financing and innovation quality is established in state-owned enterprises,nonstate-owned enterprises,and enterprises receiving innovation subsidies,while the“inverted U-shaped”relationship between debt financing and innovation accumulation is only established in non-state-owned enterprises;Financing constraints positively regulate the“inverted U-shaped”relationship between debt financing and the quantity and quality of innovation.When financing constraints are severe,the“inverted U-shaped”curve between debt financing and the quantity and quality of innovation will become steeper.This conclusion has important reference basis for debt financing tools to guide credit funds towards to the field of technological innovation,and play their external governance functions,help enterprises enhance their independent innovation capabilities.

关 键 词：债务融资 创新积累 融资约束 创新补助 融资治理 金融强国 科技金融 创新质量 

分 类 号：F275[经济管理—企业管理]