融资渠道、股权集中度与企业创新投入

Financing Channels,Equity Concentration and Corporate Innovation Investment

企业内部积累有限难以支撑创新活动长期进行,使得企业必须借助融资渠道筹集外部资金,解决企业创新投入不足的难题。选取2014―2019年沪深A股上市公司为样本,探究融资渠道与企业创新投入之间的关系,以及股权集中度这一关系的调节作用。研究发现:债务融资负向影响企业创新投入;股权融资和政府补贴均正向影响企业创新投入;股权集中度的调节作用因融资渠道的不同而有所差异,在债务融资与企业创新投入之间起正向调节作用,在股权融资、政府补贴与企业创新投入之间起负向调节作用。

The limited internal accumulation of enterprises can hardly support innovation activities in the long run,which makes it necessary for enterprises to raise external funds through financing channels to solve the problem of insufficient corporate innovation investment.The article selected a sample of A-share companies listed in Shanghai and Shenzhen from 2014-2019,to investigate the link between access to finance and corporate innovation investment,as well as the moderating effect of equity concentration.It is found that(1)debt financing negatively affects corporate innovation investment;(2)both equity financing and government subsidies positively affect corporate innovation investment;(3)the moderating effect of equity concentration varies depending on the financing channels,and plays a positive moderating effect between debt financing and corporate innovation investment,and a negative moderating effect between equity financing,government subsidies and corporate innovation investment.