股权融资对创新模式选择的影响效应研究--基于创新投入的中介作用

Research on the Effect of Equity Financing on the Choice of Innovation Model --The Mediating Role Based on Innovation Input

技术创新是企业获得核心竞争优势的主要举措,外部资金是企业研发经费的重要来源,并促进企业研发投入增加,企业创新投入的高低与企业创新模式选择有着紧密联系,在资源和能力约束的条件下,企业选择适合的创新模式至关重要。提出了"股权融资-创新投入-创新模式"链式分析框架,搜集上市公司2012~2017年的样本数据,研究股权融资对创新模式选择的直接影响效应以及创新投入的中介效应。研究表明,股权融资对突破性创新和渐进性创新具有显著促进效应;创新投入在股权融资影响突破性创新模式选择中发挥部分中介效应,创新投入在股权融资对渐进性创新的影响中发挥完全中介效应。研究结论为企业选择合适研发融资方式以及与其契合的创新模式提供实证参考依据,为政府优化金融和科技政策提供借鉴。

Innovation is an important means for enterprises to gain competitive advantage. External financing is an important source of funds for enterprisesinnovation activities and promotes the increase of enterprises’ innovation investment. The level of enterprisesinnovation investment is closely related to the choice of enterprises’ innovation mode. Under the condition of resource and capacity constraints, it is very important for enterprises to choose appropriate innovation mode. Proposes a chain analysis framework of "equity financing-innovation input-innovation mode", collects sample data of listed companies from 2012 to 2017, and studies the direct impact of equity financing on the choice of innovation mode and the intermediary effect of innovation investment. The research shows that equity financing has a significant promotion effect on breakthrough innovation and progressive innovation;innovation investment plays a part of intermediary effect on breakthrough innovation, and innovation investment plays a full intermediary effect on the impact of equity financing on progressive innovation. The conclusions of the study provide empirical reference for enterprises to choose appropriate R& D financing methods and innovative models, and provide reference for government financial and science and technology policy formulation.