企业技术创新能力与融资结构:理论与实证——来自中国创业板面板数据

Firm Technological Innovation Ability and Capital Structure: Theory and Empirical Analysis:Based on Evidence of GEM

研究了企业技术创新能力与融资结构的相互关系。构建了完全市场竞争下的企业技术创新能力与融资结构关系的理论模型并据此提出研究假设。选取了我国创业板上市公司2009-2011年数据平衡面板数据为样本,采用因子分析法对技术创新能力评价的基础上,实证检验了技术创新能力与融资结构的相关性,结果发现两者正相关。与现有研究不同,本研究从影响企业竞争优势的内生性因素入手,既从理论上提供了一个分析两者内在关系的逻辑依据,又对其进行了实证检验。

This paper investigates the interplay between firm technological innovation ability and capital structure. We raise the hypotheses based on the theoretical model we developed. With balanced panel data of GEM from 2009 to 2011, we use factor analysis to evaluate the technological innovation ability and test the hypotheses. It turns out that the technological innovation ability correlates positively with capital structure. This paper differs with other existing work in that we start with endogenous impact factor of firm competitive edge, analyze the internal tie of technological innovation ability and capital structure and finally testify with empirical method.