外部融资、企业规模与上市公司技术创新

科研管理 ›› 2014, Vol. 35 ›› Issue (3): 116-122.

外部融资、企业规模与上市公司技术创新

周方召¹, 符建华², 仲深²

1. 江南大学商学院,江苏无锡 214122;
2. 哈尔滨商业大学,黑龙江哈尔滨 150028

收稿日期:2012-03-26 修回日期:2014-01-22 出版日期:2014-03-25 发布日期:2014-04-01
作者简介:周方召（1978-），男，黑龙江人，江南大学商学院副教授，博士，主要研究方向：公司金融和企业技术创新。
符建华（1979-），男，吉林人，哈尔滨商业大学讲师、硕士，主要研究方向：数理经济学。
仲深（1981-），男，黑龙江人，哈尔滨商业大学讲师、博士，主要研究方向：金融发展和计量经济学。
基金资助:
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）。

External financing,firm size and technological innovation of public company

Zhou Fangzhao¹, Fu Jianhua², Zhong Shen²

1. Business Schoole of Jiangnan University, Wuxi 214122, Jiangsu, China;
2. Harbin University of Commerce, Harbin 150028, Heilongjiang, China

Received:2012-03-26 Revised:2014-01-22 Online:2014-03-25 Published:2014-04-01

摘要/Abstract

摘要： 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。

关键词: 外部融资, 公司规模, 技术创新

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.

Key words: external financing, firm size, technology innovation

中图分类号:

F062.4

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.

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