关系资产投资对融资结构影响的实证研究——基于中国创业板上市公司的数据验证

An Empirical Study on the Impact of Relational Assets Investment on Financing Structure——Data Validation Based on Companies Listed in China's Growth Enterprise Market

从产业组织视角,在企业异质性前提下,考察影响企业产品市场长期竞争优势的内生性关系资产投资对融资结构的影响,并以2009—2015年的创业板上市公司样本数据作为研究对象,采用实证研究方法对两者关系进行检验,结果显示企业供应商关系投资和经销商关系投资均会对融资结构产生负向影响,且经销商关系投资对融资结构的负向影响程度大于供应商关系投资对融资结构的负向影响。关系资产是创业板上市公司持续竞争优势的关键,关系资产投资应成为创业板上市公司创造竞争优势的手段和途径。

From the perspective of industrial organization,by using the empirical research method,the authors investigate the relationship between relational assets investment and financing structure with the panel data since 2009 to 2013 of listed companies in China's Growth Enterprise Market(GEM). It is found that supplier relationship investment and dealer relationship investment both have significant negative impacts on financing structure,and the negative impact from dealer relationship investment is greater than that of supplier relationship investment. Relational asset is the key for companies listed in China's GEM to have the sustainable competitive advantage;and relational asset investment should become the important measures and ways for companies listed in China's GEM to create competitive advantages.