融资结构、科技创新与中小企业财务可持续发展——基于中小上市公司的实证研究

Financing Structure,Technological Innovation and Financial Sustainable Development of Small and Medium-sized Enterprises——the Empirical Research Based on Small and Medium-sized Listed Companies

目前,我国中小企业面临的融资困境问题较为突出,通过选取2017-2019年我国中小制造业上市公司,实证检验了融资结构与企业科技创新投入力度的关系、不同的融资方式对中小企业财务可持续发展的影响以及科技创新在负债融资与企业财务可持续发展的中介作用,研究发现公司的资产负债率及股权融资率与中小企业的科技创新投入力度负相关,内源性融资率与中小企业的科技创新投入力度正相关;公司资产负债率及内源融资率与中小企业可持续发展水平显著正相关,股权融资比率与中小企业可持续发展水平显著负相关;企业科技创新投入强度是资产负债率及可持续发展的中介变量;通过实证研究以期通过选择合理的研发创新活动投入及调整优化融资结构提高我国中小企业财务可持续发展水平。

At present,China’s small and medium-sized enterprises are facing a prominent financing dilemma.This paper selects listed small and medium-sized manufacturing companies in China from 2017 to 2019.By experiments’it tests the financing structure and the relationship between investment in enterprise technology innovation,different ways of financing for small and medium-sized enterprise financial sustainable development,and the influence of science and technology innovation in the debt financing and the sustainable development of enterprise financial intermediary role.The study finds out that the rate of assets and liabilities of the company and equity financing rate is negatively related to the investment in science and technology innovation of small and mediumsized enterprises.The endogenous financing rate is positively correlated with the S&T investment intensity of SMEs.The company’s asset-liability ratio and endogenous financing ratio are significantly positively correlated with the sustainable development level of small and medium-sized enterprises,while the equity financing ratio is significantly negatively correlated with the sustainable development level of small and medium-sized enterprises.The intensity of enterprise scientific and technological innovation investment is the intermediate variable of asset-liability ratio and sustainable development.Through the empirical study,it is expected to improve the financial sustainable development level of small and medium-sized enterprises in China by selecting reasonable investment in R&D and innovation activities,adjusting and optimizing the financing structure.