融资约束、代理成本与企业创新效率--来自上市高新技术企业的经验证据

Financial Constraints,Agency Costs and Innovation Efficiency——Empirical Evidence from Listed Hi-tech Enterprises of China

本文在构建高新技术企业融资约束指数及测度高新技术企业创新效率的基础上,理论分析并实证检验了高新技术上市企业融资约束与创新效率的关系。结果表明,融资约束会在一定程度上降低企业的代理成本、减轻代理问题的负面影响,从而支持了融资约束的上升会促进高新技术企业创新效率提高的理论观点。

Producing the financial constraints index of hi-tech enterprises and measuring their innovation efficiency, this paper theoretically analyzes and empirically tests the correlations between the financial constraints and innovation efficiency. The result shows that financial constraints will reduce the agency costs to a certain extent and mitigate the negative effects of agency problems. Thus the result supports the theoretical conclusion that the increase of financial constraints to hi-tech enterprises will promote the growth of innovation efficiency