什么样的杠杆率有利于企业创新

What Leverage Is Beneficial to Firm Innovation

如何处理"降杠杆"与"促创新"的关系,寻求既能促进创新又能规避债务风险的企业杠杆率,是当前中国企业亟待解决的一大问题。本文分析了企业杠杆率对企业创新的影响机理,从创新投入、创新产出及创新风险三个维度构建企业创新评价体系,以2010—2015年沪深A股非金融类上市公司为样本,基于固定效应及Probit模型对什么样的杠杆率有利于企业创新问题进行实证研究。结果表明:企业杠杆率与创新投入、创新产出之间存在"倒U型"关系,对创新风险的影响则呈"U型";一般而言,杠杆率小于43.01%时能够促进创新投入与创新产出,同时降低创新风险,但是当杠杆率超过43.01%,随着杠杆率的继续提升,创新风险增加。与此同时,与短期杠杆相比,长期杠杆在控制风险的前提下能够更有效地促进创新产出;与银行借贷杠杆相比,商业信用杠杆无法有效支持企业的创新产出,同时创新风险效应显著。此外,基于企业异质性的研究表明,杠杆率对企业创新的影响因企业规模及所属行业的技术特质的不同而存在差异,有利于企业创新的杠杆率区间在不同规模和不同行业的企业中亦有所不同。因此,需要采取多方面的政策措施,依据企业具体情况,优化企业杠杆率,促进企业创新发展。本文的研究结论对结构性去杠杆政策的落实具有一定的启示意义,为去杠杆背景下创新驱动战略的实施提供了一定的经验证据。

How to deal with the relationship between deleveraging and promoting innovation and find out the leverage that can promote innovation and avoid debt risk is a major problem for Chinese enterprises. This paper analyzes the mechanism of the impact of firm leverage on the firm innovation, then constructs the evaluation system of firm innovation from three aspects, such as innovation input, innovation output and innovation risk. Based on the fixed effect and Probit model, we carry on the empirical research about what leverage is conducive to enterprise innovation with Shanghai and Shenzhen A-share non-financial listed companies. The study shows that there is an inverted U relationship between the firm leverage and firm input or output, and the impact of firm leverage on the innovation risk is U type. When the leverage is less than 43.01%, it can promote innovation input and output, and reduce innovation risk. However, when the leverage exceeds 43.01%, innovation risk increases with the increase of leverage. Meanwhile, compared with short-term leverage, long-term leverage can more effectively promote innovation output while controlling innovation risks. Then compared with the bank-lending leverage, commercial-credit leverage has limited effect on innovation output, while innovation risk increases.Moreover, the effect of leverage on innovation is different due to the heterogeneity in the size of firm and the nature of technology, and the leverage range beneficial for enterprise innovation is also different among enterprises of different scales and industries. Therefore, we need to take various policies and measures according to the specific circumstances of the firms to optimize the firm leverage and promote the firm innovation. The study of this paper not only offers important enlightenment for the policy formulation of structural deleveraging, but also provides some empirical evidence for the smooth implementation of the innovation-driven strategy under the background of deleveraging.