债权融资如何影响探索式创新投入——基于高管团队研发背景的调节效应

How Debt Financing Affects Exploratory Innovation Inputs—Moderating Effects Based on the R&D Background of Executive Teams

本文以我国A股上市公司为研究对象,研究企业债权融资对探索式创新投入的影响,并且进一步探究高管团队研发背景是否会缓解该抑制作用。实证结果表明:第一、企业的债权融资越多,面临的风险就越高,因此探索式创新投入就会越少。第二、高管团队中拥有研发背景的高管人数越多,就越能缓解债权融资对探索式创新投入的抑制作用。

This study examines the impact of debt financing on investment in exploratory innovation and further investigates whether the R&D background of the executive team can mitigate this inhibitory effect. Using a sample of A-share listed companies in China, empirical results show that: First, the more debt financing a company has, the higher the associated risks, leading to lower investment in exploratory innovation. Second, a greater presence of executives with R&D back-grounds in the executive team mitigates the inhibitory effect of debt financing on investment in exploratory innovation.