融资约束、融资结构差异与计通电企业自主创新

Financing Constraints,Financing Structure Differences,and Independent Innovation of Enterprises of Computers,Communications and Other Electronic Equipment

文章利用2015—2020年中国计算机通讯和其他电子设备制造业A股上市公司的数据作为研究样本,深入探讨了融资约束、融资结构差异与企业创新投入之间的关系。研究发现:该行业中小规模企业生存环境较差,不仅企业内部存在现金流普遍不足的现象,而且外部融资渠道并不畅通,致使股权、债权融资效果并不明显。该行业企业只有在保持内部现金流相对稳定的前提下,大力发展股权融资市场,提高企业直接融资比例,才能达到促进自主创新的目的。

This article uses the data of A-share listed companies of computers,communications,and other electronic equipment manufacturing industries in China from 2015 to 2020 as a research sample to deeply explore the relationship between financing constraints,financing structure differences and corporate innovation input.The study shows that the living environment of small and medium-sized enterprises in this industry is quite bad.Not only are there insufficient cash flow within the enterprise,but also the external financing channels are not smooth,which makes the effect of equity and debt financing not obvious.Only under the premise of maintaining a relatively stable internal cash flow,enterprises in this industry can vigorously develop the equity financing market and increase the proportion of direct financing of enterprises in order to achieve the goal of promoting independent innovation.