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

doi:10.14088/j.cnki.issn0439-8114.2020.04.036

Abstract

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

CLC Number:

F062.4

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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