|
|
|
| Financing Structure,Information Technology and Innovation Capability:Mathematical Analysis and Empirical Test |
| Yang Fan, Wang Mancang |
| School of Economics and Management,Northwest University,Xi'an 710127,China |
|
|
|
|
Abstract A two-stage mathematical model of the relationship between financing structure,information technology and innovation ability is constructed under the unified framework.Based on the panel data of Chinese listed companies from 2008 to 2018,the negative binomial panel mediating effect model is used for empirical test,and the heterogeneous influence of ownership and industrial technology is investigated.The research shows that debt financing and debt-equity ratio restrain innovation output through research and development input and show some intermediary effect,among which high-tech enterprises are not good at using debt financing for innovation.In contrast,equity financing has a positive effect on quality innovation.In addition,state-owned enterprises and private enterprises have their own advantages in debt financing and equity financing respectively.The improvement of information technology level can effectively promote innovation output,but there are some limitations in high-tech enterprises.At the same time,information technology can alleviate the restraining effect of debt financing on innovation output,and strengthen the promoting effect of equity financing on high-quality innovation.This paper provides a certain theoretical basis and inspiration for China's financial supply-side structural reform and“Internet +”strategy-driven innovation and development.
|
|
Received: 23 March 2020
|
|
|
|
|
|
[1] 龚强,张一林,林毅夫.产业结构,风险特性与最优金融结构[J].经济研究,2014,49(4):4-16.
[2] ALLEN F,GALE D.Comparing financial systems[M].Cambridge:MIT Press,2000.
[3] BECK T.Finance for development:a research agenda[R].UK:DEGRP Research Reports,2013.
[4] 王玉泽,罗能生,刘文彬.什么样的杠杆率有利于企业创新[J].中国工业经济,2019,372(3):144-161.
[5] 孔东民,徐茗丽,孔高文.企业内部薪酬差距与创新[J].经济研究,2017,52(10):144-157.
[6] 袁建国,后青松,程晨.企业政治资源的诅咒效应——基于政治关联与企业技术创新的考察[J].管理世界,2015,256(1):139-155.
[7] STIGLITZ J E.Creditmarkets and the control of capital[J].Journal of money credit &banking,1985,17(2):133-152.
[8] HALL B H.Investment and research and development at the firm Level:does the source of financing matter[R].NBER working paper,No.4096,1992.
[9] 左志刚.金融结构与国家创新能力提升:影响机理与经验证据[J].财经研究,2012,38(6):48-58.
[10] JENSEN M C,MECKLING W H.Theory of the firm:managerial behavior,agency cost and capital structure[J].Journal of financial economics,1976,3(4):305-360.
[11] 鞠晓生.中国上市企业创新投资的融资来源与平滑机制[J].世界经济,2013,36(4):138-159.
[12] BERZKALNE I,ZELGALVE E.Capital structure and innovation:a study of baltic listed companies[J].Changes in social and business environment,2013,72(5):13-21.
[13] BROWN J R,MARTINSSON G,PETERSEN B C.Law,stock markets and innovation[J].Journal of finance,2013,68(4):1517-1549.[14] HSU P H,TIAN X,XU Y.Financial development and innovation:cross-country evidence[J].Journal of financial economics,2014,112(1):116-135.
[15] KAFOUROS M.The impact of the internet on R&D efficiency:theory and evidence[J].Technovation,2006,26(7):827-835.
[16] GLAVAS C,MATHEWS S.How international entrepreneurship characteristics influence internet capabilities for the international business processes of the firm[J].International business review,2014,23(1):228-245.
[17] CUI T,YE H J,TEO H,et al.Information technology and open innovation[J].Information &management,2015,52(3):348-358.
[18] FORÉS B,CAMISÓN C.Does incremental and radical innovation performance depend on different types of knowledge accumulation capabilities and organizational size[J].Journal of business research,2016,69(2):831-848.
[19] 董祺.中国企业信息化创新之路有多远？——基于电子信息企业面板数据的实证研究[J].管理世界,2013,226(7):123-129.
[20] 杨德明,刘泳文.“互联网+”为什么加出了业绩[J].中国工业经济,2018,362(5):80-98.
[21] 张一林,龚强,荣昭.技术创新、股权融资与金融结构转型[J].管理世界,2016,264(11):65-80.
[22] SHEFER D,FRENKEL A.R&D,firm size and innovation:an empirical analysis[J].Technovation,2005,25(1):25-32.
[23] 张宗和,彭昌奇.区域技术创新能力影响因素的实证分析——基于全国30个省市区的面板数据[J].中国工业经济,2009,193(11):35-44.
[24] STOPFORD J M,BADEN-FULLER C W F.Creating corporate entrepreneurship[J].Strategic management journal,1994,15(7):521-536.
[25] 白俊红,蒋伏心.协同创新、空间关联与区域创新绩效[J].经济研究,2015,50(7):174-187.
[26] 郭家堂,骆品亮.互联网对中国全要素生产率有促进作用吗[J].管理世界,2016,263(10):34-49.
[27] 韩先锋,宋文飞,李勃昕.互联网能成为中国区域创新效率提升的新动能吗[J].中国工业经济,2019,376(7):119-136.
[28] 钟海燕,冉茂盛,文守逊.政府干预、内部人控制与公司投资[J].管理世界,2010,208(7):98-108.
[29] 杨瑞龙,王元,聂辉华.“准官员”的晋升机制:来自中国央企的证据[J].管理世界,2013,231(3):23-33.
[30] 林毅夫,李志赟.中国的国有企业与金融体制改革[J].经济学(季刊),2005,4(3):913-936. |
|
|
|
2021, Vol. 2 
