互联网上市公司权益融资促进了绩效提升吗?——以沪深股市35家上市公司为例  

The Internet Listing Corporation Equity Financing Promotes Productivity?——Taking the Shanghai and Shenzhen Stock Market 35 Listing Corporations an Example

作　　者：宋文飞 李国平[2] 杨永莲 

机构地区：[1]教育部人文社会科学重点研究基地陕西师范大学西北历史环境与经济社会发展研究院 [2]西安交通大学经济与金融学院 [3]西北大学早期生命研究所

出　　处：《制度经济学研究》2017年第3期198-219,共22页Research on Institutional Economics

基　　金：陕西师范大学中央高校基本科研业务费项目(16SZYB38);国家社会科学基金重大项目(项目编号12&ZD072);国家社会科学基金项目(项目编号13CJY041)资助;国家自然科学基金项目(项目编号71273209)

摘　　要：本文基于沪深股市35家互联网上市公司2007~2013年的样本数据,实证研究了互联网上市公司全要素生产率及其构成变化,并着重探讨权益融资对其带来的线性和非线性影响效应。测算结果表明,互联网上市公司全要素生产率总体呈倒退趋势,主要原因是技术进步水平的制约,而技术效率水平总体虽呈增长趋势,但并不平稳,面临规模经营非效率的'短板'。实证研究结果表明:负债融资与权益融资对生产率的影响效应呈对立的特征,集中体现在对技术效率的正负的反响线性影响;权益融资对全要素生产率、技术进步水平、规模效率的影响呈倒'U'型特征,拐点值分别为0.3187、0.9796、0.9796;权益融资对技术效率和纯技术效率的长期效应显著,而对全要素生产率、技术进步、规模效率的长期效应不显著。本文进一步提出重点提升技术进步水平、形成经营的'集约模式'、提升债务融资水平、优化股权机构等政策建议。In this paper, the Shanghai and Shenzhen stock market 35 Internet Listing Corporation from 2007 to 2013 based on the sample data, an empirical study of Internet Listing Corporation TFP and its composition changes, and discuss the effect of linear and nonlinear effects of the equity financing. The calculated results show that, the Internet listing Corporation TFP showed reverse trend, the main reason is the restriction of the level of technological progress, technical efficiency and the level of the overall trend was increased, but not smooth, face a short board scale non efficiency. The empirical results show that : the effect of debt financing and equity financing the impact on productivity is opposite to the characteristic, reflected in the positive and negative repercussions linear influence on technical efficiency;equity financing effect on TFP, the level of technological progress, the scale efficiency of the inverted "U " feature, inflection point values were 0. 3187,0. 9796, 0. 9796; long term effect of equity financing on the technical efficiency and pure technical efficiency significantly, but no significant long-term effect on TFP, technical progress, scale efficiency. This paper further puts forward the focus on enhancing the level of technological progress, the formation of the "intensive management mode",enhances the level of debt financing, optimize the ownership institution and policy advice.

关 键 词：权益融资 负债融资 全要素生产率 门槛效应 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]