融资约束、创新投入与高新技术企业盈利模式——以创业板上市企业为例

The Financing Restriction,Innovation Input and the Profit Pattern of Hightech Enterprises:Take the GEM Listed Enterprises as Examples

目前,我国高新技术企业尚未形成知识产权盈利模式,利润来源中新产品销售收入占比不高,依旧停留在依赖规模经济的传统模式阶段。融资约束和创新投入与企业知识产权密切相关,是影响高新技术企业盈利模式的主要因素。本文采用回归分析法对融资约束、创新投入及高新技术企业盈利模式进行实证分析,发现融资约束抑制了高新技术企业知识产权盈利模式的形成,而创新投入对盈利模式有着积极影响,同时创新投入在融资约束影响高新技术企业知识产权盈利模式的过程中发挥了部分中介作用,即融资约束可以通过对创新投入产生的消极影响阻碍知识产权盈利模式的形成。为证明实证结果不受变量衡量方法的影响,使结论更具可信度,本文采用替换关键变量的方式进行稳健性检验,结果显示研究结论未发生显著变化。文章最后分别从国家、资本市场和企业三个层面提出了相关建议,以期促进高新技术企业缓解融资约束、增加创新投入,进而形成知识产权盈利模式。

At present,the high-tech enterprises in China have not yet formed the profit mode of intellectual property rights.The sales revenue of new products in the profit source is not high,and it remains at the stage of relying on scale economies.The financing constraint and innovation input are closely related to the intellectual property rights of enterprises,which are the main factors affecting the profit pattern of high-tech enterprises.This paper uses regression analysis to empirically analyze financing constraints,innovation input and profit model of high-tech enterprises.It is found that financing constraints inhibit the formation of intellectual property profit model of high-tech enterprises,while innovation input has a positive impact on profit model.At the same time,innovation input plays a partial mediating role in the process of financing constraints affecting the profit model of intellectual property of high-tech enterprises,that is,financing constraints can hinder the formation of the profit model of intellectual property through the negative impact on innovation input.In order to prove that the empirical results are not affected by the variable measurement method and make the conclusion more reliable,this paper adopts the method of replacing key variables to conduct the robustness test,and the results show that the research conclusions have not changed significantly.Finally,the paper puts forward relevant suggestions from the three aspects of the country,capital market and enterprise,in order to promote high-tech enterprises to ease financing constraints,increase innovation input,and then form a profit model of intellectual property rights.