从创新厌恶到创新包容-银行债权治理的创新效应研究

科研管理 ›› 2015, Vol. 36 ›› Issue (11): 184-192.

• 论文 • 上一篇

从创新厌恶到创新包容-银行债权治理的创新效应研究

王旭

山东财经大学, 山东济南 250014

收稿日期:2014-04-08 修回日期:2015-09-01 出版日期:2015-11-25 发布日期:2015-11-21
通讯作者: 王旭
作者简介:王旭(1985-),男,山东淄博人,山东财经大学工商管理学院讲师,博士,研究方向为公司治理与技术创新.
基金资助:
国家自然科学基金面上项目(批准号:71272120,起止时间:2013.12-2016.12);教育部人文社科青年项目(批准号:14YJC630131,起止时间:2014.12-2017.12);山东省社会科学规划研究重大委托项目(批准号:14AWTJ01-10,起止时间:2014.06-2017.06)。

From innovation aversion to innovation tolerance: A study of influence of bank debt governance towards technological innovation

Wang Xu

Business Administration School, Shandong University of Finance and Economics, Jinan 250014, Shandong, China

Received:2014-04-08 Revised:2015-09-01 Online:2015-11-25 Published:2015-11-21

摘要/Abstract

摘要： 动态变化的竞争格局为银行债权人从对企业技术创新厌恶到创新包容提供了充分的演化动力。本文在分析银行债权治理对企业技术创新能力影响的基础上,探索了制度效应和资源效应在二者关系中的中介作用,进而辨析了银行债权治理的创新效应的产生机理。实证研究表明:银行债权治理对企业技术创新能力具有显著促进作用,银行债权人已由创新厌恶向创新包容演化;银行债权治理能够通过降低代理成本,优化企业原始制度安排的方式提升企业技术创新能力,即制度效应在二者关系中具有显著中介作用;银行债权治理并不能通过提升创新资源投入的方式促进企业创新,即资源效应的中介作用不显著。因此, "债权治理——制度效应——技术创新"的作用路径对创新包容效应更具理论解释力。研究结论能够从技术创新的角度对融资优序理论和银行代理监督理论进行回应和补充,并为企业创新和银行债权治理实践提供科学依据。

关键词: 银行债权治理, 创新包容, 技术创新能力, 影响路径

Abstract: Rapid-changing competition environment has provided banks sufficient power to make an evolution from aversion to tolerance towards enterprises' technological innovation. This paper has analyzed the impact of bank debt governance upon corporations' technological innovation capability, and then examined the mediation effects of agency cost and innovation input to identify the transmission path between debt governance and innovation. The results show that:(1) Bank debt governance can enhance corporations' innovation capability, which proves banks begin to be tolerant or supportive of innovation behavior. (2) Agency cost has a significant mediation effect between bank governance and innovation capability, which means bank debt governance can promote corporations innovation capability through governance optimization. (3) The mediation effect of innovation input is not significant. Not only have these results broadened pecking order theory of financing and bank monitoring theory, but also provided scientific evidence of technological innovation practice for corporations.

Key words: bank debt governance, innovation tolerance, technological innovation capability, impact path

中图分类号:

F276.6

王旭. 从创新厌恶到创新包容-银行债权治理的创新效应研究[J]. 科研管理, 2015, 36(11): 184-192.

Wang Xu. From innovation aversion to innovation tolerance: A study of influence of bank debt governance towards technological innovation[J]. Science Research Management, 2015, 36(11): 184-192.

参考文献

[1]李汇东,唐跃军,左晶晶.用自己的钱还是用别人的钱创新?基于中国上市公司融资结构与公司创新的研究[J].金融研究,2013,(2):170-183.Li Huidong, Tang Yuejun, Zuo Jingjing. Which is better for innovation investment, our own money or others'?[J]. Journal of Financial Research,2013,(2):170-183. [2] Myers S C. Capital structure puzzle[J]. Journal of Finance,1984,39(3):575-592. [3] Opler T C. Titman, S. Financial distress and corporate performance[J]. Journal of Finance, 1994,49(3):1015-1040. [4]简泽.银行债权治理、管理者偏好与国有企业的绩效[J].金融研究,2013,(1):135-148.Jian Ze. Bank debt governance, managerial performance and performance of SOEs[J]. Journal of Financial Research,2013,(1):135-148. [5]周艳菊,邹飞,王宗润.盈利能力、技术创新能力与资本结构-基于高新技术企业的实证分析[J].科研管理,2014,35(1):48-57.Zhou Yanju, Zou Fei, Wang Zongrun. Relations among profitability, technology innovation capability and capital structure-An empirical analysis based on high-tech firms[J].Science Research Management, 2014,35(1):48-57. [6] O'Sullivan M. The innovation enterprise and corporate governance[J]. Cambridge Journal of Economics, 2000,24(4):393-416. [7] Jensen Michael C. Agency costs of free cash flow,corporate finance and takeovers[J].American Economic Review,1986,76,(3):323-329. [8] Diamond D. Financial intermediation and delegated Monitoring[J].Review of Economic Studies,1984,51(3):393-414. [9] Teece D J. Explicating dynamic capabilities:The nature and microfoundations of (sustainable) enterprise performance[J].Strategic Management Journal,2007,(28):1319-1350. [10] Barney J. Firm resources and sustained competitive advantage[J].Journal of Management,1991,(17):99-120. [11]焦豪,魏江,崔瑜.企业动态能力构建路径分析:基于创业导向和组织学习的视角[J].管理世界,2008,(4):91-106. Jiao Hao, Wei Jiang, Cui Yu. An analysis of build paths of enterprises' dynamic capability:Perspective based on entrepreneurial orientation and organization learning. Management World, 2008,(4):91-106. [12] Scherer F M. Firm size, market structure, opportunity and the output of patented inventions[J]. American Economic Review, 1965, 55(5):1097-1125. [13] Lach S, Schankerman M. Dynamics of R&D and investment in the scientific sector[J]. Journal of Political Economy, 1989, 97(4):880-904. [14] Hall B H. The financing of research and development[J]. Oxford Review of Economic Policy, 2002,18(1):35-51. [15] Hart O, Moore J. Debt and seniority:An analysis of the role of hard claims in constraining management[J].American Economic Review,1995,85(3):567-585. [16]王旭.企业生命周期、债权人动态治理与代理成本[J].重庆大学学报,2013,19(5):79-85.Wang Xu. Corporations' life cycle, creditors' dynamic governance and agency cost[J]. Journal of Chongqing University(Social Science Edition),2013,19(5):79-85. [17]周方召,符建华,仲深.外部融资、企业规模与上市公司技术创新[J].科研管理,2014,35(3):116-122.Zhou Fangzhao, Fu Jianhua, Zhong Shen. External financing,firm size and technological innovation of public company[J]. Science Research Management, 2014,35(3):116-122. [18] David B Audretsch, Erick E Lehmann. Financing high-tech growth:The role of banks and venture capitals[J].Schmalenbach Business Review, 2004,56(4):340-357. [19]樊钱涛.知识源、知识获取方式与产业创新绩效研究——以中国高技术产业为例[J].科研管理,2011,32(5):29-35.Fan Qiantao. Knowledge source, knowledge acquisition, and industry innovation performance:The case ofChina's high-tech industries[J]. Science Research Management, 2011,32(5):29-35. [20] Croby M. Patents,Innovation and growth[J]. The Economic Record,2000,234(76):255-262.

从创新厌恶到创新包容-银行债权治理的创新效应研究

From innovation aversion to innovation tolerance: A study of influence of bank debt governance towards technological innovation

可视化

摘要/Abstract

引用本文

使用本文

参考文献

相关文章 15

编辑推荐

Metrics

[1]	程聪慧钟燕. 科技人才政策影响城市创新的路径研究[J]. 科研管理, 2023, 44(3): 95-101.
[2]	唐孝文孙悦唐晓彬. 中国高端装备制造业技术创新能力评价研究[J]. 科研管理, 2021, 42(9): 1-9.
[3]	林晓徐伟杨凡. 风险投资与创新的时空关系和相互作用研究[J]. 科研管理, 2019, 40(7): 119-130.
[4]	刘婷张梦明. 外方技术控制与中外合资企业外商独资化陷阱[J]. 科研管理, 2019, 40(11): 155-163.
[5]	郑小碧. 跨国创业导向、技术创新能力与天生全球化企业国际化绩效[J]. 科研管理, 2019, 40(10): 230-239.
[6]	余淑秀卢山冰. FDI、R&D对中国汽车制造业技术创新能力的影响——加入滞后效应的考量[J]. 科研管理, 2018, 39(11): 1-6.
[7]	王旭. 债权治理、创新激励二元性与企业创新绩效——关系型债权人视角下的实证研究[J]. 科研管理, 2017, 38(3): 1-10.
[8]	陶长琪周璇. 环境规制与技术溢出耦联下的省域技术创新能力评价研究[J]. 科研管理, 2016, 37(9): 28-38.
[9]	王喜刚. 组织创新、技术创新能力对企业绩效的影响研究[J]. 科研管理, 2016, 37(2): 107-115.
[10]	陈力田. 企业技术创新能力对环境适应性重构的实证研究—基于376家高技术企业的证据[J]. 科研管理, 2015, 36(8): 1-9.
[11]	周艳菊, 邹飞, 王宗润. 盈利能力、技术创新能力与资本结构—基于高新技术企业的实证分析[J]. 科研管理, 2014, 35(1): 48-57.
[12]	王俊娜, 杨武. 基于RPM三维模型的企业技术创新能力测度研究—以深圳市数字电视企业为例[J]. 科研管理, 2011, 32(6): 1-10.
[13]	宁连举,李萌. 基于因子分析法构建大中型工业企业技术创新能力评价模型[J]. 科研管理, 2011, 32(3): 51-58 .
[14]	林筠,刘伟,李随成. 企业社会资本对技术创新能力影响的实证研究/FONT[J]. 科研管理, 2011, 32(1): 35-44 .
[15]	韩廷春, 龙源. 投融资机制与技术创新:基于中国省级区域的实证研究[J]. 科研管理, 2007, 28(4): 105-114,140.