国有企业债务结构对创新的影响——是否存在债务融资滥用的经验检验

发布时间：2018-04-28 00:17

本文选题：债务结构 + 创新　；参考：《科研管理》2016年04期

【摘要】：论文嵌入中国情境,利用3SLS方法探究中国制造业国有企业债务结构如何影响企业的创新投入和创新产出。由实证结果发现,国有流动债务负向影响创新投入,正向影响创新产出;然而,长期债务负向影响创新产出,对创新投入的影响并不明显。国有企业高投入、低效率的创新现状表明,委托代理冲突是国有企业代理问题的主要矛盾。从创新效率的角度来看,适度地提高流动债务比例、降低长期债务比例,有助于降低代理成本,提高创新绩效。
[Abstract]:It is found from the empirical results that the negative impact of state - owned liquid debt on innovation input and innovation output is not obvious . However , the current situation of high input and low efficiency of state - owned enterprises indicates that the principal contradiction between the high input and low efficiency of state - owned enterprises is that the principal contradiction between the high input and low efficiency of state - owned enterprises is that the principal contradiction between the high input and low efficiency of state - owned enterprises is that the principal contradiction between the high investment and low efficiency of state - owned enterprises is that the principal contradiction between the high investment and low efficiency of state - owned enterprises is that the principal contradiction between the high investment and low efficiency of state - owned enterprises is the main contradiction of the agency problem of state - owned enterprises . From the viewpoint of innovation efficiency , it is helpful to increase the proportion of current debt , reduce the proportion of long - term debt , and help to reduce the agency cost and improve the performance of innovation .

【作者单位】：北京邮电大学经济管理学院;河南财经政法大学工商管理学院;
【基金】：中国科学技术部国际合作司“中外创新对话专项”研究重大课题,“中美两国贸易和外资政策及实践对创新活动的影响研究” 国家自然科学基金面上项目(71273035、71073087、71573023)
【分类号】：F275;F276.1

【相似文献】