融资结构、资本效率与企业创新能力——来自中国工业企业的证据

Financing Structure,Capital Efficiency and Firms' Innovation Ability

资金是企业创新不可缺少的投入要素。选取中国1999—2007年1 503家具有持续创新能力的工业企业为样本,对企业创新的融资结构和资本效率进行实证分析。研究表明:在融资结构方面,股权融资比债权融资更加有利于企业创新能力的提高;在资本效率方面,外商直接投资在支持企业创新的过程中效率最高,其次是港澳台投资,国有资本的效率较低,法人资本呈现无效率,集体资本和个人资本具有负效率。

Fund is the necessary input element in firms＇ innovation activities. This paper selects Chinese 1503 industry firms which had consistent innovation abilities as sample during 1999 and 2007 to take empirical analysis on influencing of financing structure and capital efficiency to firms＇ innovation ability. The findings are equity financing prior to debt financing in promoting firms＇ innovation about financing structure, and the most efficiency capital is FDI, then capital from Hong Kong and Maeau. State owned capital is low efficiency, legal person＇ s capital is no efficiency, and collective capital and personal capital are negative efficiency.