由于风险较大,上市公司在面对创新项目融资时,融资选择可能与其他项目融资存在较大差别,并反映在财务杠杆上。另外,技术创新能力释放的投资机会信号也可能对杠杆与成长间的关系构成影响。以592家分行业随机抽样的中国A股上市公司为样本,以2001-2010年为考察期,以会计准则变化较大的2007年为界,分期间研究了技术创新能力对融资的影响,以及不同技术创新水平下杠杆对成长的影响。结果发现:技术创新能力越强的公司,越偏向内源融资,杠杆也越低。杠杆与成长的关系并未受到技术创新能力的影响。
Abstract
The financing selections of listed companies in innovation projects may be clearly different from other projects due to the former's larger risk, and these financing selections may be reflected in leverage. In addition, the relation between leverage and growth may affected by investment opportunity signal produced by technological innovation. By selecting randomly 592 Listed Companies on the basis of industries composition in China as samples and ten years from 2001 to 2010 as testing period, this paper divides the period into two sub-periods by 2007 since accounting regulations greatly changed this year, and then test how technological innovation affect financing, and how leverage affect growth on the condition of different technological innovation levels. The results show that stronger firms in technological innovation are more likely to increase newly retained earnings, and their leverage is lower. But the evidence about the effect of technological innovation on relation between leverage and growth cannot be found.
关键词
技术创新 /
融资 /
成长
Key words
technological innovation /
financing /
growth
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基金
国家自然科学基金项目-地区科学基金项目(70862005);云南省哲学社会科学规划课题(YB201129)。
