融资决策、融资约束与企业创新投资--基于创业板上市公司的经验证据

Financing Decisions,Financing Constraints and Enterprise Innovation Investment:Based on the Empirical Evidence of Listed Companies on the GEM

创新已成为经济高质量发展的核心动力,是引领企业发展从要素驱动向创新驱动转型的必然选择。选取2015—2020年创业板上市公司数据作为研究样本,实证研究内源融资、股权融资与债务融资对创新投资的影响,并考察融资约束对上述关系的调节作用。研究结果表明:(1)内源融资对创新投资具有正向作用,且内源融资的促进作用强于外源融资;(2)股权融资对创新投资表现出明显的推动效应;(3)债务融资对创新投资表现出明显的负向效应;(4)融资约束对创新投资具有抑制作用,且其负向调节企业外源融资对创新投资的影响。因此,企业应持续发挥内源融资的主渠道作用,降低企业融资受约束程度,为提升创新投资水平提供强有力的资金保障。

Innovation has become the core driving force of high-quality economic development and an inevitable choice to lead the transformation of enterprise development from factor driven to innovation driven.Select the data of GEM listed companies from 2015 to 2020 as the research sample to empirically study the impact of endogenous financing,equity financing and debt financing on innovation investment,and investigate the regulatory effect of financing constraints on the above relationship.The results show that:(1)Endogenous financing has a positive effect on innovation investment,and the promoting effect of endogenous financing is stronger than that of exogenous financing;(2)Equity financing has an obvious promoting effect on innovation investment;(3)Debt financing has an obvious negative effect on innovation investment;(4)Financing constraints inhibit innovation investment,and negatively regulate the impact of external financing on innovation investment.Therefore,enterprises should continue to play the role of the main channel of endogenous financing,reduce the degree of corporate financing constraints,and provide strong financial guarantee for improving the level of innovation investment.