科技型企业融资结构与创新效率——来自创业板的经验证据

Financing Structure and Innovation Efficiency in Technological Enterprises——Evidence from Listing Corporations of GEM

摘要:

本文利用创业板上市公司2015-2017年的面板数据,以DEA方法测度科技型企业创新效率,研究内源融资、债权融资和股权融资对企业创新效率的影响,并采用现金流组合法对企业生命周期进行划分,探究处于不同生命周期企业融资结构与创新效率之间的关系。研究发现：内源融资和债权融资对企业创新效率具有正向的促进作用,而股权融资对创新效率具有抑制作用。不同生命周期企业融资结构对创新效率的影响具有差异性。本文的研究为科技型企业优化融资结构、提升创新效率提供了启示。

Abstract:

Using the panel data of GEM listing corporations from 2015 to 2017, this paper aims to study the impact of different financing channels such as internal financing, debt financing and equity financing on the innovation efficiency in technological enterprises. We find that internal financing and debt financing have positive effects on the innovation efficiency, whereas equity financing has an negative effect on innovation efficiency. The impact of financing structure on innovation efficiency is different in the different stages of corporate life cycle. These results provide implications for technological enterprises to optimize financing structure and improve innovation efficiency.