以2007—2019年被认定为高新技术企业的A股上市公司为样本,构建并行多重中介效应模型检验无形资产对债务融资的影响。结果表明：持有无形资产有助于高新技术企业获取债务融资,抵押价值是无形资产债务融资能力形成的核心原因,税盾效应负向影响企业债务融资意愿致使债务融资水平降低,无形资产价值创造能力未能发挥债务融资支持作用；国有高新技术企业无形资产的债务融资能力主要来源于抵押价值,民营高新技术企业无形资产债务融资能力主要来源于价值创造能力；就无形资产整体而言,高新技术企业与非高新技术企业无形资产的债务融资能力并不存在显著差异,但高新技术企业无形资产债务融资能力主要来源于技术类无形资产的价值创造能力、其他类无形资产的抵押价值,非高新技术企业无形资产债务融资能力主要来源于使用权类无形资产的价值创造能力与抵押价值。

We use a firm-level data set containing Chines listed high-tech companies over the period 2007—2019 to analyze the effect of intangible assets on financial leverage. Utilizing mediation analysis, we find a positive relationship between intangible assets and financial leverage, intangible assets’ collateralizability plays a part of intermediary role between them, intangibles assets tax shield discourages debt financing, the ability to create value has no effect. The positive relationship between intangible assets and financial leverage due to intangible assets’ collateralizability in state-owned high-tech companies, but due to intangible assets’ ability to create value in private high-tech companies. There is no significant difference between high-tech companies and other companies when it comes to the relationship between intangibles assets and financial leverage. But in high-tech companies, technology-related intangible assets behave as better collateral, other intangible assets show higher ability to create value. In other companies, right-related intangible assets show higher ability to create value and behave as better collateral.

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