摘要
中国上市公司是否对创新融资存在显著的选择偏好?本文利用2006～2010年中国上市公司的经验数据研究发现:(1)内源融资、外源融资对公司创新投资均存在显著的正面影响,但外源融资对创新投资的促进效应大于内源融资。(2)进一步考察股权融资、债权融资、政府补助三种外源融资对公司创新的影响可以发现,政府补助最能够显著提高中国上市公司创新投资,股权融资的影响次之,债权融资则不明显。(3)政府补助对债权融资与公司创新投资之间的关系存在显著的调节效应,政府补助可以"刺激"上市公司通过债权融资提高公司创新投资。本文对中国上市公司创新融资的内在逻辑进行了深入探讨,在一定程度上为国家促进企业自主创新和推动资本市场发展提供了理论依据与决策参考。
Does Chinese listed companies have preferences of innovation financing？ In this paper, using empiri- cal evidences of 2006 -2010 Chinese listed companies, we find that： （1） Both internal and external financing have significant positive impact on R＆D investment, meanwhile the influence of external financing is greater than the internal one. （2） By further investigating the impact of different external financing on the innovation of companies, results comes that government subsidy, followed by the impact of equity financing, can improve R＆D investment. On the other hand, the impact of debt financing is insignificanL （3） We also find that gov- ernment subsidy have a significant moderating effect on the relationship between debt financing and corporate in- novation investment, that is to say, government subsidy can effective ＂stimulate＂ companies to enhance R＆D investment through debt financing. This article explores the logic of innovation financing of Chinese companies, and provides theoretical suggestions for government to promote enterprise innovation and the development of cap- ital markets.
出处
《金融研究》
CSSCI
北大核心
2013年第2期170-183,共14页
Journal of Financial Research
基金
上海市教育委员会科研创新重点项目(13ZS009)
国家自然科学基金项目(70802015)
复旦大学学生学术科技创新行动计划(A2-25-11)资助
关键词
创新融资
创新投资
融资结构
政府补助
Innovation financing, R＆D investment, Financial structure, Government subsidy
