金融创新、资本配置与企业技术创新——来自战略性新兴产业上市公司的实证

发布时间：2018-04-03 19:36

  本文选题：金融创新　切入点：资本配置　出处：《科技进步与对策》2017年10期

【摘要】：当前,金融创新在企业技术创新过程中的作用日益凸显。金融创新一方面能够为企业技术创新提供更多融资方式和工具;另一方面可通过优化企业资本配置,间接促进企业技术创新。基于内生金融发展理论和内部资本市场有效理论,构建理论分析框架,从微观层面研究金融创新对企业技术创新的影响路径。以2011-2015年343家战略性新兴产业A股上市企业数据为研究样本,实证分析金融创新、资本配置与技术创新之间的关系。结果发现,金融创新能够通过提高企业资本配置效率正向促进战略性新兴产业上市企业技术创新。结论可为战略性新兴产业合理运用金融创新、提升企业资本配置效率进而促进技术创新提供理论参考。
[Abstract]:At present, the role of financial innovation in the process of technological innovation is increasingly prominent.On the one hand, financial innovation can provide more financing methods and tools for enterprise technological innovation; on the other hand, it can indirectly promote enterprise technological innovation by optimizing enterprise capital allocation.Based on the theory of endogenous financial development and the effective theory of internal capital market, this paper constructs a theoretical analysis framework to study the influence of financial innovation on enterprise technological innovation from the micro level.Based on the data of 343 A-share listed companies in strategic emerging industries from 2011-2015, this paper empirically analyzes the relationship among financial innovation, capital allocation and technological innovation.The results show that financial innovation can positively promote the technological innovation of listed enterprises in strategic emerging industries by improving the efficiency of capital allocation.The conclusion can provide a theoretical reference for the strategic emerging industry to use financial innovation rationally, to improve the efficiency of enterprise capital allocation and to promote technological innovation.
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本文编号：1706615