融资结构与企业自主创新*--来自中国战略性新兴产业A股上市公司的经验证据

摘要

In this paper,we investigated the relationship between financing structure and innovation, using the strategic emerging industries of A-share listed firms from 2010 to 2012.The main conclusions are found as follows:(1 )Internal financing has a significant positive effect on innovation.(2 )There is a posi-tive correlation between equity financing and innovation.(3 )Debt financing for emerging industries of strategic enterprises listed inhibit innovation.After considering firm heterogeneity,the above conclusions on the low level of financing constraints,the young and small-scale enterprises is equally applicable,but the high degree of financing constraints,mature and large-scale innovation is mainly dependent on internal financing.Further analysis shows that,there are some differences affect the financing structure of the dif-ferent nature of the business property of enterprise innovation in the strategic emerging industries.In the central and local government-owned companies,the relationship between financial structure and innovation is not significant;the private equity companies are mainly dependent on internal financing and equity finan-cing,debt financing have a negative effect on innovation.This article has profound policy implications that it should be vigorously developing the equity financing market,improve the proportion of direct financing, and reduce the level of leverage.%本文以中国2010—2012年战略性新兴产业A股上市公司为样本，考察了企业融资结构与企业自主创新之间的关系。本文的经验研究发现：（1）内部融资对战略性新兴产业上市企业自主创新有显著的正面效应；（2）股权融资与战略性新兴产业上市企业自主创新之间存在着显著的正相关关系；（3）债权融资对战略性新兴产业上市企业的自主创新具有抑制作用。在考虑企业异质性之后，上述结论对融资约束程度低、年轻和小规模企业同样适用，但融资约束程度高、成熟和大规模企业自主创新则主要依赖于内部融资。进一步分析表明，在战略性新兴产业中，不同产权性质企业的融资结构对企业自主创新的影响存在一定的差异。在中央及地方政府控股的企业中，融资结构与企业自主创新之间的关系并不显著；在私有产权的企业中，企业自主创新主要依赖于内部融资和股权融资，债权融资对企业自主创新产生负面效应。本文还发现，企业集团化经营也在很大程度上影响了融资结构与企业自主创新之间的关系。本文具有深刻的政策含义，在企业内部融资相对稳定的情况下，应该大力发展股权融资市场，提高企业直接融资比重，降低企业的杠杆率水平，以达到促进战略性新兴产业自主创新的目的。