融资结构、信息技术与创新能力:数理分析与实证检验

Financing Structure,Information Technology and Innovation Capability:Mathematical Analysis and Empirical Test

本文在统一框架下构建融资结构、信息技术与创新能力关系的两阶段数理模型,并基于2008—2018年中国上市公司面板数据,利用负二项面板中介效应模型进行实证检验,且考察了所有制及产业技术的异质性影响。研究表明:①债权融资及债股比通过研发投入抑制了创新产出,表现出了部分中介效应,其中高技术企业更不善于利用债权融资进行创新;②股权融资对高质量创新具有一定的正向作用;③国企和民企分别在债权融资和股权融资中表现出各自的优势。信息技术水平的提升能够有效促进创新产出,但在高技术企业中存在一定局限性;④信息技术能够缓解债权融资对创新产出的抑制作用,并且强化股权融资对高质量创新的促进作用。这为我国金融供给侧结构性改革与“互联网+”战略驱动创新发展提供了一定的理论依据和启示。

A two-stage mathematical model of the relationship between financing structure,information technology and innovation ability is constructed under the unified framework.Based on the panel data of Chinese listed companies from 2008 to 2018,the negative binomial panel mediating effect model is used for empirical test,and the heterogeneous influence of ownership and industrial technology is investigated.The research shows that debt financing and debt-equity ratio restrain innovation output through research and development input and show some intermediary effect,among which high-tech enterprises are not good at using debt financing for innovation.In contrast,equity financing has a positive effect on quality innovation.In addition,state-owned enterprises and private enterprises have their own advantages in debt financing and equity financing respectively.The improvement of information technology level can effectively promote innovation output,but there are some limitations in high-tech enterprises.At the same time,information technology can alleviate the restraining effect of debt financing on innovation output,and strengthen the promoting effect of equity financing on high-quality innovation.This paper provides a certain theoretical basis and inspiration for China's financial supply-side structural reform and“Internet+”strategy-driven innovation and development.