融资能力对西部地区制造业上市公司转型升级路径的影响

The influence of financing capacity on the path of transformation and upgrading of manufacturing listed companies in the western region of China

为了促进西部地区制造业上市公司的转型升级,以西部地区制造业上市公司为研究对象,选取其2012~2016年的财务数据,引入企业绩效作为中介变量进行分析,通过3个假设并建立指标体系,运用回归分析法对所提假设进行验证.研究结果表明,西部地区制造业上市公司融资能力中的每股资本公积、现金收入比、科技投入产出比对转型升级路径具有显著影响且在企业绩效较差时,每股资本公积对科技创新能力的负向影响通过总资产收益率的部分中介作用得以实现.

In order to promote the transformation and upgrading of the manufacturing industry listed companies,taking the western region listed manufacturing companies as the research ob-ject,selecting the financial data of 2012-2016,introducing the enterprise performance as the in-termediary variable analysis,regression analysis is used to verify the hypotheses through three assumptions and establish the index system.The results show that the capital reserve per share,the cash income ratio,the technology input-output ratio have a significant impact on the transformation and upgrading path in the financing capacity of the manufacturing companies in the western region.When the firm＆#39;s performance is poor,the negative impact of technological innovation capacity takes place through the partial mediating role of total return on assets.