摘要
高科技企业融资不足有可能抑制科技创新,但融资过度则会浪费融资成本。本研究采用分位数回归法,分析随着内部融资、债务融资、股权融资的规模变化,各变量对融资规模的影响效应方向及大小的变化;还分析了融资约束、宏观经济因素在负债过少、负债过多两种情况下对该过程的非对称影响。研究发现,随着内部融资规模的不断增大,投资机会、自由现金流、销售增长率、非债务税盾对内部融资规模的促进作用不断增强;随着债务融资规模的不断增大,投资机会、自由现金流对债务融资的促进作用不断增大;随着股权融资规模的增加,企业实际负债率低于行业水平的差距对股权融资的阻碍作用不断增强。本研究能够为高科技企业制定合理的融资决策提供有针对性的借鉴和参考。
Insufficient financing of high-tech enterprises may restrain technological innovation, but excessive financing waste financing costs. Quantile regression method was used to analyze the direction and size of the impact of variables on financing scale with the change of financing scale of internal financing, debt financing, equity financing, and to analyze the asymmetric impact of financing constraints and macroeconomic factors on financing scale in the case of little debt and excessive debt. The research finds that with the increasing scale of internal financing, investment opportunities, free cash flow, sales growth rate and non-debt tax shield continue to enhance the scale of internal financing;with the increasing scale of debt financing, investment opportunities and free cash flow play an increasing role in promoting debt financing;with the increasing scale of equity financing, the gap between the actual debt ratio of enterprises and the industry debt ratio has increasingly hindered equity financing. The study can provide specific and reasonable reference and guidance for high-tech enterprises to regulate the scale of financing.
出处
《投资研究》
CSSCI
北大核心
2020年第5期82-105,共24页
Review of Investment Studies
关键词
分位数回归
内部融资
债务融资
股权融资
Quantile Regression
Internal Financing
Debt Financing
Equity Financing
