本文运用Ordered Probit模型考察了外部融资、公司规模与上市公司技术创新之间的关系，并进一步探讨了外部金融发展和外部融资对于不同规模企业技术创新的影响差异。采用手工收集整理的广义技术创新变量来衡量公司的技术创新程度，通过对微观层面的2007—2010年间中国A股上市公司数据的实证研究，得到如下结论：更为便利的外部融资对于上市公司技术创新有显著积极影响，而企业规模和技术创新之间则呈现倒U型关系，金融发展和外部融资对较小规模公司的技术创新有更为明显的正向影响。
Abstract
The ordered-probit regressions model is applied in this paper to explore the relationship among external financing, firm size and technological innovation of listed companies, and the effects of financial development and external financing on different firm's size are further discussed. Based on the empirical investigation on firm-level dataset of Chinese listed company in A-share stock market from 2007 to 2010 and the generalized variable of companies' technological innovation manually collected, the following conclusions are come to: firstly, increasingly convenient external financing has a significantly positive effect on firms' technological innovation; secondly, there is an inverse U relationship between firm size and technological innovation of listed companies; and thirdly, the financial development and external financing have a more positive effect to the technological innovation of small-scale firms.
关键词
外部融资 /
公司规模 /
技术创新
Key words
external financing /
firm size /
technology innovation
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基金
国家社会科学基金重点项目，项目编号（12AZD111），起止时间（2013-2016）；国家自然科学基金项目，项目编号（71240011），起止时间（2013-2014）；中央高校基本科研业务费专项资金和江南大学自主科研计划青年基金项目，项目编号（JUSRP11242），起止时间（2013-2014）。
