创新投入的资本结构对企业创新绩效的实证分析——基于大中型工业企业数据分析

发布时间：2018-07-24 09:10

【摘要】：企业是创新的主体,创新绩效是其发展程度的评判指标。分析企业创新投入的资本结构和创新绩效之间的关系,结果表明:相比权益资本,企业经营产生的自由现金流和资本公积对创新绩效的改善有更显著作用;长期贷款比短期贷款更能促进企业创新,提升企业绩效,且债务资本的滞后期与绩效呈倒U型关系;企业股权越集中,创新绩效越明显;且股权集中度通过企业用于研发的资本公积间接影响创新绩效。基于此,提出以下建议:合理配置企业内部自由资金流,保证稳定供给;利用债务的税盾效应,降低财务杠杆,提高经营杠杆;争取国家补助,加强企业、科研机构、高校等主体之间的合作,充分利用社会资本,形成知识生产-扩散-吸收-转化的良性循环。
[Abstract]:Enterprise is the main body of innovation and innovation performance is the evaluation index of its development degree. This paper analyzes the relationship between the capital structure of the innovation investment and the innovation performance. The results show that the free cash flow and the capital reserve generated by the enterprise operation have more significant effect on the improvement of the innovation performance than the equity capital. Compared with short-term loans, long-term loans can promote enterprise innovation and improve enterprise performance, and the lag of debt capital is inversely U-shaped relationship with performance, the more concentrated equity, the more obvious innovation performance. And equity concentration indirectly affects innovation performance through the capital reserves used for R & D. Based on this, the following suggestions are put forward: reasonable allocation of free capital flow within enterprises to ensure stable supply; use of the tax shield effect of debt to reduce financial leverage and increase business leverage; strive for state subsidies; strengthen enterprises and scientific research institutions; The cooperation between institutions of higher learning and other subjects, making full use of social capital, forms a virtuous circle of knowledge production, diffusion, absorption and transformation.
【作者单位】：中国科学技术大学;
【分类号】：F273.1;F425;F224

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