融资约束对创新项目投资决策的影响研究

The Impact of Financial Constraint on the Decision for Comprise Technology Innovation Items Investment

技术创新投资具有风险性高和信息不对称的特点,使得企业不能够对融资约束有清晰的识别,企业外部投资者也会降低投资意愿,导致创新投资倾向与融资约束的矛盾更加突出。在将技术创新企业进行分类的情形下,应用双变量递归概率方法,研究了融资约束对技术创新项目投资决策的影响。选取西安经济技术开发区部分制造业企业为样本,通过建立投资偏好概率决策模型,运用回归分析方法揭示了样本企业融资约束的影响因素及其对创新投资决策的影响程度。

Technological innovation investment has enterprise cannot identify the financial constraint the features of high risk and asymmetry information. The clearly and the external investors can decrease investment desire, which lead to more conflict between investment inclination and financial constraint. With the classi- fication of the technological innovation enterprise, using the recursion divaricated probability model, this pa- per studies the impact of financial constraint on the decision for comprise technology innovation items investment. Selecting partial manufacturing industry enterprises of Xi＇an Economic Development Zone as the samples, it establishes financing restrains and innovates project investment probability decision-making mod- el. Furthermore, this paper analyzes their influence factors and correlations, while it promulgates the influence variables of finance aspect in the enterprise technological innovation decision-making process.