融资结构、融资约束与企业创新投入

Financing Structure, Financing Constraints,and Enterprise Innovation Investment

本文利用2006-2016年中国非金融类A股上市公司的数据作为研究样本,深入探讨了融资结构、融资约束与企业创新投入之间的关系。研究结果表明:(1)内源融资和股权融资对企业创新投入具有显著的促进作用,而债务融资对企业创新投入具有显著的抑制作用;(2)与低融资约束企业(成熟、大规模、高股利)相比,高融资约束企业(年轻、小规模、低股利)的内源融资和股权融资对企业创新投入的促进作用更大,而债务融资对企业创新投入的抑制作用也更大。可见,作为外源融资的股权融资,因其资金性质与内源融资一致,能够真正起到缓解企业创新投入融资约束的作用。因此,本文认为,股权融资应成为驱动企业创新的主要外部资金来源。

This paper deeply analyzes the relationship between financing structure,financing constraints,and enterprise innovation investment,using the data of China’s non-financial A-share listed companies from 2006 to 2016.The main findings are as follows:(1)internal financing and equity financing have a significant role in promoting innovation investment,while debt financing has a significantly negative effect on the innovation investment;(2)Compared with low-financing-constraints companies(mature,large-scale,and high-dividends),internal financing and equity financing of high-financing-constraints companies(young,small-scale,and low-dividends)have a greater role in promoting innovation investment,and debt financing also has a greater negative effect on corporate innovation investment.It can be seen that equity financing,as a kind of external financing,can really play a role in mitigating the financing constraints of innovative projects.Accordingly,this paper believes that equity financing should become the main source of external funding for enterprise innovation investment.