| 异质性企业创新投入资金来源差异及其变迁研究 |
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| 引用本文： | 岳怡廷,张西征.异质性企业创新投入资金来源差异及其变迁研究[J].科学学研究,2017,35(1):125-138. |
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| 作者姓名： | 岳怡廷 张西征 |
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| 作者单位： | 东华大学 |
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| 摘 要： | 为探究异质性企业创新投入主要资金渠道及其伴随经济环境波动而产生的变迁趋势,本文基于创新投入对资金来源的敏感度,使用2007年至2015年沪深两市企业数据,研究发现:(1)国有企业创新投入资金主要来源为政府补助,非国有企业则为内部融资;(2)高技术企业创新投入资金主要来源为政府补助,而非高技术企业则为内部融资;(3)随着经济环境波动,2007年至2015年间上市企业创新投入资金主要来源呈现出"政府补助→内部融资与股权融资→政府补助"的变迁趋势。这表明企业创新投入资金主要来源因企业性质不同而存在差异,并且当外部经济环境不佳时企业倾向于使用政府补助开展创新活动。此外,本文结论亦是对融资优序理论的拓展与补充,表明该理论在异质性企业与差异化经济环境中适用性不同。
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| 收稿时间： | 2016-06-02; |
The Differences and Changes：the Sources of Innovation Investment Funds in the Heterogeneous Firms |
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| Abstract: | Relying on the data from Chinese stock market between 2007 and 2015, this article discusses the main source of innovation investment funds in the heterogeneous firms and how it changes according to the economic environment. This article finds: (1) the main source of innovation investment funds in state-owned firms is governmental subsidy, as for non-state-owned firms, it is internal fund; (2)the main source of innovation investment funds in high-tech firms is governmental subsidy, as for non-high-tech firms, it is internal fund; (3)according to the changes of economic environment, the main source of innovation investment funds in the listed firms shows regularity likes this: governmental subsidy → internal funds→ governmental subsidy. Therefore we can get a conclusion: there are distinctions between the main source of innovation investment funds in the heterogeneous firms, and firms prefer to use governmental subsidy when the economic environment is negative. The conclusion is also a supplement to Pecking Order Theory. |
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