异质性企业创新投入资金来源差异及其变迁研究

发布时间：2018-01-10 23:12

本文关键词：异质性企业创新投入资金来源差异及其变迁研究　出处：《科学学研究》2017年01期 　论文类型：期刊论文

【摘要】：为探究异质性企业创新投入主要资金渠道及其伴随经济环境波动而产生的变迁趋势,本文基于创新投入对资金来源的敏感度,使用2007年至2015年沪深两市企业数据,研究发现:(1)国有企业创新投入资金主要来源为政府补助,非国有企业则为内部融资;(2)高技术企业创新投入资金主要来源为政府补助,而非高技术企业则为内部融资;(3)随着经济环境波动,2007年至2015年间上市企业创新投入资金主要来源呈现出"政府补助→内部融资与股权融资→政府补助"的变迁趋势。这表明企业创新投入资金主要来源因企业性质不同而存在差异,并且当外部经济环境不佳时企业倾向于使用政府补助开展创新活动。此外,本文结论亦是对融资优序理论的拓展与补充,表明该理论在异质性企业与差异化经济环境中适用性不同。
[Abstract]:In order to explore the main channels of innovative investment of heterogeneous enterprises and the vicissitude trend caused by the fluctuation of economic environment, this paper bases on the sensitivity of innovation investment to the source of funds. Using the data of Shanghai and Shenzhen stock markets from 2007 to 2015, it is found that the main source of innovation investment of state-owned enterprises is government subsidy, and that of non-state-owned enterprises is internal financing. (2) the main source of innovation investment of high-tech enterprises is government subsidy, while non-high-tech enterprises are internal financing; 3) with the fluctuation of economic environment, between 2007 and 2015, the main sources of innovation investment of listed enterprises are "government subsidies". 鈫扞nternal financing and equity financing. 鈫扵he vicissitude trend of government subsidy indicates that the main sources of innovation investment are different according to the nature of the enterprise. And when the external economic environment is not good, enterprises tend to use government subsidies to carry out innovative activities. It shows that the theory is applicable to heterogeneous enterprises and different economic environments.
【作者单位】：东华大学旭日工商管理学院;
【分类号】：F272
【正文快照】： 1根据国家统计局网站数据计算得出。2中国科学技术发展战略研究院发布《国家创新指数报告2014》显示,2014年全国规模以上工业企业创新研发经费占主营业务收入的比重约为0.8%,而国外企业一般为3%到5%,表明国内创新发展驱动力的不足,且与国外存在较大差距。3中国企业家调查系统

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