杠杆率与企业创新关系的实证研究——基于所有权性质和行业性质的视角

An Empirical Research On The Relationship between Leverage Ratio and Enterprise Innovation——Based on the Perspective of Ownership Nature and Industry Nature

基于沪深A股非金融行业的上市公司2010~2015年的数据,考察了企业杠杆率与其创新投入和创新产出之间的关系。结果表明,杠杆率与创新投入和创新产出之间存在先上升后下降的"倒U型"曲线关系。而且根据企业所有权的性质和行业性质的不同,创新性地在微观机制上做了补充研究,结果表明,国有企业的杠杆率普遍高于非国有企业,非国有企业的杠杆率与创新产出的关系不显著。由于行业性质不同,高新技术企业的杠杆率与创新投入、创新产出之间的关系很显著。实证研究结论为平衡企业的创新发展和有效降杠杆提供了政策建议。

Based on the 2010~2015 data of Shanghai and Shenzhen A-share non-finacial listed companies, this paper investigates the relationship between the corporate leverage ratio and its innovation input and innovation output.The results show that there is an "inverted U-shaped" curve relationship between the leverage ratio and the innovation input and output.And the paper innovatively makes a supplementary study on the micro-mechanism based on the difference between the nature of enterprise ownership and the nature of industry.The results show that the leverage ratio of state-owned enterprises is generally higher than that of non-state-owned enterprises, and the relationship between the leverage ratio of non-state-owned enterprises and innovation output is not significant.For high-tech industries, the relationship between the leverage ratio and its innovation input and output are significant because of the difference of industry nature.Based on the above empirical conclusions, policy recommendations for balancing enterprises’ innovative development and effective leverage reduction can be put forward.