创新投资的平滑机制研究--基于融资约束视角

A STUDY ON THE SMOOTH MECHANISM OF INNOVATION INVESTMENT FROM THE PERSPECTIVE OF FINANCING CONSTRAINTS

2016年G20杭州峰会确定构建创新型的世界经济为峰会主题之一,现代企业更加注重创新活动。创新活动需要长期投资,一旦资金供应不足将导致其中断,企业将遭受巨大的损失,所以维持创新投资的可持续性至关重要。欧拉方程模型可以刻画创业板上市公司创新投资活动及其平滑机制,研究创新投资的融资来源以及在不同融资约束程度下外部融资来源对维持创新投资可持续性的作用。实证结果表明,股权融资具有平滑创新投资波动的作用,且此种作用在融资约束较小的企业中更加明显。

The construction of an innovative world economy was determined as one of the theme of G20 summit in Hangzhou, 2016. Modern enterprises pay more attention to innovation activities. Innovative activities require long-term investment, once the lack of capital supply will lead to its interruption and the enterprises will suffer a huge loss. Therefore, to maintain the sustainability of innovative investment is essential. The investment innovation activities and smoothing mechanism of the GEM listed compa-nies can be depicted based on Euler＇s equation model to study the source of innovation investment financing and the effect of external financing sources which are under different degrees of financing constraints on maintaining the sustainability of innova-tion investment. The empirical results show that equity financing has the function of smoothing innovation investment and the effect is more obvious in the enterprises with small financing constraints.