资本结构、技术创新与企业绩效——基于中国上市公司的实证分析

Capital Structure,Technological Innovation and Firm Performance——Based on the Empirical Analysis of Listed Companies in China

本文以中国352家上市公司为样本,采集其2002-2013年的公司数据,采用研发强度和技术份额指标来度量技术创新能力,研究了资本结构、技术创新与企业绩效之间的交互关系。通过使用面板固定效应模型和两步广义矩估计方法进行估计,研究结果显示上市公司的技术创新能力对企业绩效产生显著影响,而且资本结构与企业绩效呈显著非线性正相关,资本结构对企业绩效的影响效果随着技术创新能力的提高而提高,资本结构与技术创新能力的交互作用对企业绩效有积极影响。

Based on the data of 352 listed companies in China from 2002 to 2013,this paper examines the interaction relationship between the capital structure,technical innovation and the firm performance by taking the indexes of research and development strength and technical share to measure the technological innovation ability. By using fixed effect panel model and two step Two-step GMM estimation method,results show that the technical innovation ability of listed companies has a significant impact on firm performance.Moreover,results show that the capital structure and firm performance are nonlinear significantly positively related,the effect of capital structure on firm performance would increase with the technical innovation ability,and the interaction between capital structure and technological innovation ability has a positive effect on firm performance.