耐心资本、创新投入对企业绩效的影响——基于中小板上市企业的数据

The Impact of Patient Capital and Innovation Investment on Corporate Performance:Based on the Data of Small and Medium-sized Board Listed Companies

企业间竞争加剧及政策的推动都在一定程度上激励了企业实施技术创新,但创新投入需要依托于企业的自有财务资源.然而在关于企业资本状况、创新投入对绩效影响的具体激励关系的研究上,现有结论尚未达成一致.文章以中小板上市企业为研究对象,基于异质性视角在企业管理研究领域引入耐心资本概念,实证分析其如何通过合理的创新投入对企业绩效产生影响.结果发现关系型债务对于绩效的正向作用大于稳定型股权.内部研发更容易在关系型债务对企业绩效产生影响的过程中发挥中介作用,而外部技术并购在稳定型股权影响企业绩效过程中的中介效应更为显著.该结论丰富了资本结构异质性与企业绩效的研究,为中小企业进行具体技术创新决策提供参考.

The intensification of competition among enterprises and the promotion of policies have encouraged enterprises to implement technological innovation to a certain extent,but innovation investment needs to rely on the financial resources of corporates.However,on the research about the specific relationship between capital status and innovation investment on corporate performance,the existing conclusions have not yet reached a consensus.Taking small and medium board listed companies as research objects,this paper introduces the concept of patient capital in the field of corporate management research based on the perspective of heterogeneity,and empirically analyzes how heterogeneous patient capital has a positive impact on corporate performance through reasonable innovation input.It turns out that patient capital has a significant positive effect on corporate performance,and the relational debt has greater effect than that of stable equity.Moreover,the mediating role of innovation input is different between heterogeneous patient capital to the corporate performance.Internal R&D is more likely to play a mediating role in the process of relational debt affecting corporate performance,while external technology mergers and acquisitions affects the relationship between stable equity and corporate performance more significant.This research conclusion enriches the related research on the heterogeneity of capital structure and corporate performance,and provide reference for decision-making of specific technological innovation.