融资结构对高端装备企业创新效率的影响

高端装备企业技术含量大,产业地位高,其技术创新直接影响到我国经济高质量发展的战略目标实现。高端装备企业创新投入大,而不同融资方式影响到企业的创新效率。以我国A股上市高端装备企业2007—2017年间相关数据为研究对象,对其进行多元线性回归,研究内源性融资、股权融资、债务融资三种融资方式对高端装备企业创新效率的影响。研究发现,三种融资方式均能显著正向促进企业的创新效率,且内源性融资对创新效率的提升最为明显,其次是股权融资,最后是债务融资。高端装备企业应扩大留存收益以提升创新效率,政府也可加大对其财政及融资政策的支持。

Impact of Financing Structure on Innovation Efficiency of High-end Equipment Enterprises

High-end equipment enterprises have high technological content and high industrial status, and their technological innovation directly affects the realization of the strategic goal of high-quality economic development in China. High-end equipment enterprises have a large investment in innovation, and different financing methods affect the innovation efficiency of enterprises. Taking the relevant data of A-share listed high-end equipment enterprises in China from 2007 to 2017 as the research object, this paper conducts multiple linear regression to study the impact of endogenous financing, equity financing and debt financing on the innovation efficiency of high-end equipment enterprises. It is found that the three financing methods can significantly promote the innovation efficiency of enterprises, and endogenous financing has the most obvious improvement on innovation efficiency, followed by equity financing, and finally debt financing. High-end equipment enterprises should expand retained earnings to improve innovation efficiency, and the government could increase support through favorable fiscal and financing policies.