最优资本结构偏离对企业创新的影响研究

Research on the Impact of Optimal Capital Structure Deviation on Enterprise Innovation

基于2008~2019年中国A股制造业上市公司样本数据,探讨企业最优资本结构偏离对创新水平的影响。研究发现:无论是负债不足还是过度负债的企业,最优资本结构偏离对企业创新产出的数量和质量均产生了显著的抑制效应。进一步的研究结果表明,过度负债企业的最优资本结构偏离,通过缩短借款期限结构从而制约了创新绩效,且该效应在国有企业、高管过度自信企业、竞争激烈行业以及高新技术企业中更加显著。

This paper takes Chinese A-share listed manufacturing companies from 2008 to 2019 as the research object to explore the impact of deviation of optimal capital structure on innovation level.The results show that optimal capital structure deviation has a significant restraining effect on the quantity and quality of innovation output for both under-indebted and over-indebted firms.Furthermore,it is found that optimal capital structure deviation of over-indebted firms restricts innovation performance by shortening the loan term structure,and this effect is more significant in state-owned enterprises,over-confident firms,highly competitive industries and high-tech enterprises.