不同研发强度下高新技术企业资本结构与经营绩效的关系研究

Study on the Relationship between Capital Structure and Performance of High-tech Enterprises under Different Research and Development Intensity

摘要:

本研究基于2012～2018年涉及六个行业的高新技术企业上市公司数据研究不同研发强度下企业资本结构与经营绩效之间的关系，研究结果表明两者之间存在双门槛效应，门槛值分别为2.500和9.280。在低水平和高水平的研发强度下企业资产负债率对于经营绩效的负向影响较低，而中等水平下两者的负向效应较高。且三个区间的负向效应均远低于不存在研发投入变量时的负向影响水平。因而一方面说明企业研发投入存在最优区间，另一方面说明研发投入确实有助于削弱企业资产负债率对经营绩效的负向影响。在其他因素的研究中也发现，企业规模、盈利能力等因素也对企业经营绩效存在非线性的作用，企业应定期检测这些指标以确保其保持在最优范围内，全面提升企业绩效。

关键词:资本结构;研发强度;企业经营绩效;高新技术企业;门槛模型

Abstract:

Based on the data of high-tech enterprises companies involving six industries from 2012 to 2018, this study studies the relationship between the capital structure and performance of enterprises under different R&D intensity. The results show that there is a double threshold effect between the two, with thresholds of 2.500 and 9.280 respectively. Under the low level and high level of R&D intensity, the negative effect of the asset liability ratio on the business performance is lower, while the negative effect of the middle level is higher. And the negative effects of the three ranges are much lower than the negative effects when there is no R&D investment variable. Therefore, on the one hand, it shows that there is an optimal range of R&D investment, and on the other hand, it shows that R&D investment does help to weaken the negative impact of asset liability ratio on performance. In the study of other factors, it is also found that factors such as enterprise size and profitability also have non-linear effects on business performance. Enterprises should regularly test these indicators to ensure that they are kept within the optimal range and improve their performance in an all-round way.

Key words:Capital structure; R&D intensity; enterprise performance; High-tech enterprises; Threshold model