企业创新投资决策的资本结构条件

Capital-structural Condition of Firm's Decision on Innovative Investment

本文专门考察资本结构是否以及如何对企业的创新投资产生影响 ,这对探寻企业融资与企业产品市场表现之间的关系有非常重要的意义。为此 ,论文以一个两阶段的最优化模型为分析工具 ,结果表明 :高负债的企业将会做出相对谨慎的创新投资决策 ,而这会导致它在与对手的“产品差别化”竞争中居于劣势。本文得出这样的结论主要是基于两个前提 :一是当企业的经营环境较好时 ,创新投资的边际收益较低 ;二是有限责任公司制度下公司对其负债承担有限清偿责任。模型的分析结果与该领域内的经验研究结论是相吻合的。

This paper focuses on whether and how firms' capital structure influence their innovative investment, since it's very important for us to study the relationship between firms' financial decisions and their performance on the output market. For this purpose, we construct a two-stage maximization model to analysis the decision-making procedure, and the conclusion is that firm with higher leverage will be more reluctant to invest on innovation, and that, therefore, it will lose its competitive advantage in the differentiation competition with its rivals. The analyses is based on two premises, the first is that the marginal outcome of innovative investment is negative correlated with the operating environment; and the second, share holders own 'limited liability' to the creditors under the limited share holding system. The conclusion of our modeling analyses is consistent with the outcome of empirical studies.