摘要
从产业组织理论视角研究融资结构影响因素,大多是假定企业同质性前提下,根据其外在的要素市场特征来研究。本文在现有研究基础上,根据资产专用性理论,分析了具有异质性特征的人力资源、专有技术及专用设备、R&D创新资金以及产品差异化等企业创新的各投入要素的基本特征以及对融资结构选择的影响;并利用我国创业板上市公司样本数据对各投入要素与融资结构选择的相互关系进行了实证检验。研究发现:我国创业板上市公司各创新投入要素与融资结构选择存在相互影响的负相关关系。本文的研究,对企业外部债权人参与创业企业融资决策,有效发挥负债相机治理作用,促进创新投入要素的合理配置,具有重要的理论价值与现实意义。
Most of studies about the financing structure influencing factors from the perspective of industrial organization theory are under the premise of firms homogeneity,according to extrinsic elements market characteristics. Based on the existing researches,this article analyzes the basic characteristics of different innovation inputs( including human resources input,R&D input,proprietary technology and special equipment input and product differentiation input) and their impact on financing structure. At the same time,the paper has made empirical tests for the interrelation between these inputs and financing structure by using the sample data of China GEM companies. The results show the innovation inputs are negatively related to enterprises financing structure. This article has important theoretical value and practical significance for external creditors participating in financing decision,effectively playing a role of liabilities corporate governance and promoting innovation inputs rational allocation.
出处
《会计研究》
CSSCI
北大核心
2014年第4期66-73,96,共8页
Accounting Research
基金
国家自然科学基金(71150002)
中央高校基本科研业务费(N120606003)的研究资助
