外源融资对企业创新的影响——基于中关村的证据

doi:10.14088/j.cnki.issn0439-8114.2020.04.036

湖北农业科学 ›› 2020, Vol. 59 ›› Issue (4): 177-183.doi: 10.14088/j.cnki.issn0439-8114.2020.04.036

外源融资对企业创新的影响——基于中关村的证据

高庆祝¹, 张世梅²

1.河南师范大学商学院,河南新乡 453007;
2.信阳职业技术学院商学院,河南信阳 464000

收稿日期:2019-12-25 出版日期:2020-02-25 发布日期:2020-05-13
通讯作者: 张世梅(1994-),女,河南信阳人,硕士,主要从事人力资源管理和社会保障研究,(电话)17637630176(电子信箱)zhangshimei156@163.com。
作者简介:高庆祝(1992-),男,山东济宁人,在读硕士研究生,研究方向为技术创新管理,(电话)18338910277(电子信箱)qingzhugao@126.com。
基金资助:
国家社会科学基金重点项目(18AGL005);国家自然科学基金项目(U1404703)

The impact of external financing on enterprise innovation: Evidence from Zhongguancun firm panel data

GAO Qing-zhu¹, ZHANG Shi-mei²

1.Business Sclool,Henan Normal University,Xinxiang 453007,Henan,China;
2.Business Sclool,Xinyang Vocational and Technical College,Xinyang 464000,Henan,China

Received:2019-12-25 Online:2020-02-25 Published:2020-05-13

摘要/Abstract

摘要： 技术创新离不开金融体系的支持,但何种金融结构更有利于技术创新是一个亟需研究的问题。利用2005—2015年中关村高新技术企业面板数据,检验了研发投资与企业创新绩效的关系;进而分析了信贷融资和股权融资对上述二者关系的影响。结果显示,研发投资与企业创新绩效呈显著正相关关系;信贷融资正向调节研发投资与创新绩效间关系,而股权融资对研发投资与创新绩效间关系起负向调节作用。对高新技术企业创新融资的内在逻辑进行了深入探讨,有助于深入理解不同外源融资渠道对研发投资与创新绩效关系的影响,也为决策者选择合理融资渠道、优化金融资源配置提供了经验证据和决策参考。

关键词: 信贷融资, 股权融资, 研发投资, 创新绩效, 调节效应

Abstract: Technological innovation is inseparable from the support of the financial system, but what kind of financial structure is more conducive to technological innovation is an urgent problem. Using the panel data of Zhongguancun High-tech Enterprises from 2005 to 2015, the relationship between R&D investment and corporate innovation performance was tested. And the impact of credit financing and equity financing on the relationship was also analyzed. The results showed that R&D investment had a significant positive correlation with corporate innovation performance; credit financing positively regulates the relationship between R&D investment and innovation performance; and equity financing plays a negative role in regulating R&D investment and innovation performance. The deeply discussion on the inter-logic of high-tech enterprise innovation financing was helpful to understand the impact of different external financing channels on the relationship between R&D investment and innovation performance. It also provided empirical evidence and decision reference for decision makers to take reasonable financing channels and optimize financial resource allocation.

Key words: credit financing, equity financing, R&D investment, innovation performance, moderating effect

中图分类号:

F062.4

高庆祝, 张世梅. 外源融资对企业创新的影响——基于中关村的证据[J]. 湖北农业科学, 2020, 59(4): 177-183.

GAO Qing-zhu, ZHANG Shi-mei. The impact of external financing on enterprise innovation: Evidence from Zhongguancun firm panel data[J]. HUBEI AGRICULTURAL SCIENCES, 2020, 59(4): 177-183.

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外源融资对企业创新的影响——基于中关村的证据

The impact of external financing on enterprise innovation: Evidence from Zhongguancun firm panel data

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