潘海英,胡庆芳.生命周期视角下企业融资结构与创新水平互动效应研究——基于战略性新兴产业A股上市公司的经验证据[J].南京审计学院学报,2019,(4):
生命周期视角下企业融资结构与创新水平互动效应研究——基于战略性新兴产业A股上市公司的经验证据
  
DOI:
中文关键词:  融资结构  创新投资  互动关系  生命周期  研发投资  企业融资  企业创新
英文关键词:financing structure  innovative investment  interactive relationship  life cycle  investment in research and development  enterprise financing  enterprise innovation
基金项目:国家社会科学基金项目(15BJY053)
作者单位
潘海英,胡庆芳 河海大学 商学院江苏 南京 211100 
摘要点击次数: 63
全文下载次数: 65
中文摘要:
      以中国2011—2016年战略性新兴产业A股上市公司为样本,采用联立方程模型实证检验融资结构与创新水平的互动效应以及生命周期对二者互动关系的影响。研究表明,企业融资结构对创新水平存在显著正向影响,同时企业创新水平也能够对融资结构产生反向促进作用,二者之间存在互动关系。进一步研究发现,融资结构与创新水平的互动关系只存在于成长期和成熟期企业,衰退期企业仅存在从融资结构到创新水平的单向影响,二者不具有互动效应。
英文摘要:
      Taking A-share listed companies in China’s strategic emerging industries from 2011 to 2016 as samples, this paper uses simultaneous equation model to empirically test the interaction between financing structure and innovation level, and the impact of life cycle on the interaction between them. The research shows that enterprise financing structure has a significant positive impact on innovation level, and enterprise innovation level can also significantly promote the financing structure, that is, there is an interactive relationship between the two. Further research finds that the interaction between financing structure and innovation level only exists in the growth and maturity enterprises, while in the recession enterprises, there is only one-way influence from financing structure to innovation level, and there is no interaction between them.
查看全文  下载PDF阅读器
关闭