产权性质、资本结构与企业创新

NATURE OF PROPERTY RIGHTS,CAPITAL STRUCTURE AND ENTERPRISE INNOVATION

本文以2008—2018年A股非金融上市企业的面板数据为研究样本,探究了资本结构和产权性质对企业创新的影响机制和效果。研究发现,企业存在最优的非经营性杠杆率区间,且资本结构对企业创新的作用会因产权性质不同而存在差异性,即最优区间内,企业增加非经营性杠杆率可以在不影响创新投入和创新风险的情况下提高创新产出,而非国有企业更适合增加杠杆率,并会对创新产出有显著的促进作用。据此,本文提出优化企业资本结构、提高国有企业信贷资源的配置效率和切实缓解民营企业融资约束等政策建议。

This paper explores the impact mechanism and effect of capital structure and property right on enterprise innovation,using the panel data of Chinese non-financial listed enterprises from 2008 to 2018 as the research sample.It is found that there is an optimal range of non-operating leverage,and the effect of capital structure on enterprise innovation is different due to the nature of property rights.That is,in the optimal range,increasing non-operating leverage can improve innovation output without affecting innovation investment and innovation risk,while non-state-owned enterprises are more suitable to increase leverage and significantly improve innovation output.Therefore,this paper puts forward some policy suggestions,such as optimizing the capital structure of enterprises,improving the allocation efficiency of credit resources of state-owned enterprises and effectively alleviating the financing constraints of private enterprises.