企业技术创新投入与融资结构:理论模型与实证检验
首发时间:2012-12-25
摘要:本文研究了企业技术创新投入与融资结构的相互关系。本文首先构建了一个双寡头竞争下的企业两阶段最优模型并据此提出研究假设。结果表明,企业采用差异化竞争战略,以技术创新投入为竞争手段,激进的财务策略将导致其市场竞争地位的降低。然后本文以我国创业板上市公司2009-2011年数据为样本,对技术创新的资金投入和人力投入与融资结构相互关系进行了实证检验,结构发现两者负相关。与我国现有研究不同,本文的研究既从理论上提供了一个分析两者内在关系的逻辑依据,又对其进行了实证检验。
关键词: 企业管理 技术创新资金投入 技术创新人力投入 融资结构
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Investment for technological innovation and Financing Structure: Theoretical model and Empirical Analysis-----Based on data from GEM
Abstract:This paper focuses on the interplay of investment for technological innovation and financing structure of start-ups. We firstly model a two-stage duopoly competition, based on which we raised our hypotheses. The result shows us that differentiation strategy and technological innovation can be used to gain the competitive edge and that the more aggressive the financing strategy is, the smaller this advantage becomes. Then, with data from GEM between 2009 and 2011, we tested the hypotheses and found that they are negatively correlated to each other. The difference between our paper and others is that we analyze the topic theoretically and empirically.
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