基于126家沪市A股上市高新技术企业2008-2010年的数据，利用面板数据模型，研究了技术创新能力与高新技术企业资本结构间的关系，并考察盈利能力对"关系"的影响。研究表明，高新技术企业的研发人员投入、专利授权量(公开量)与负债水平正相关，而研发资金投入、发明专利申请量与负债水平负相关。盈利能力的"风险基准"降低作用与"激励动机"提升作用并存。拥有高盈利能力的高新技术企业可能会为了提高员工的研发积极性，在某些情况下，虽有"风险基准"降低的优势，但更倾向使用股权融资，即"激励动机"的提升作用。本文丰富了现有研究，为高新技术企业的融资决策提供了有益的借鉴。
Abstract
Based on the data of 126 high-tech firms listed in SSE A-share market over the period 2008 to 2010, and using the panel data model,this paper examines the relation between technology innovation capability and capital structure of Chinese listed high-tech firms, and it investigates meanwhile the adjustment function of profitability on such relation. It is found out that the percentage of R&D staff and the number of patents granted is positively related to the debt level, while the funding for R&D and the number of inventions applied is negatively related to the debt level. Furthermore, profitability's effect on reducing "risk benchmark" coexists with profitability's effect on improving "incentive motivation". It predicts that, in some cases, in order to stimulate the R&D initiative of employees, high-tech firms with high profitability tend to resort to equity finance, although they have the advantage of low "risk benchmark". In this paper, a beneficial supplement is made to some existing theory to provide some reference for the decision making of the high-tech enterprises' finance.
关键词
盈利能力 /
技术创新能力 /
高新技术企业 /
资本结构
Key words
profitability /
technology innovation capability /
high-tech firms /
capital structure
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基金
国家自然科学基金项目"基于决策主体行为的多产品订货与定价研究"(71171201，2012.1-2015.12);国家自然科学基金项目"银行的风险相关与经济资本集成研究"(70973145，2010.01-2012.12);国家自然科学基金创新群体项目"复杂环境下不确定性决策的理论与应用研究"(70921001，2010.1-2012.12)。
