摘要
融资约束的影响因素是学术界与实务界关注的热点。作为衡量企业有效创新水平的指标,企业专利被引用数是否会对融资约束产生影响是该文探讨的问题。研究选取沪深A股2010年—2020年上市公司作为研究对象,通过实证研究分析企业专利被引用数对融资约束的影响。研究表明,企业专利被引用数越高,则企业面临的融资约束程度越低,即企业专利被引用数与融资约束存在负相关关系;行业竞争会削弱企业专利被引用数对融资约束的缓解作用,且行业竞争程度越高削弱越明显。企业通过专利被引用数这一指标可以利用消息传递效应缓解企业内外部之间的信息不对称,有效降低融资约束。研究丰富了融资约束影响因素的相关内容,有助于企业加强对创新活动的投资力度。
The influencing factors of financing constraints are the focus of academic and practical circles.As an index to measure the effective innovation level of enterprises,whether the cited number of enterprise patents will have an impact on financing constraints is the research issue of this paper.This paper selects the listed companies in Shanghai and Shenzhen A-shares from 2010 to 2020 as the research object,and analyzes the influence of the cited number of corporate patents on financing constraints through empirical research.The research shows that the higher the number of cited patents,the lower the degree of financing constraints faced by enterprises,that is,there is a negative correlation between the number of cited patents and financing constraints.Industrial competition will weaken the easing effect of the cited number of enterprise patents on financing constraints,and the higher the degree of industry competition,the more obvious the weakening will be.This study enriches the related contents of the factors influencing financing constraints,which is helpful to promote enterprises'investment in innovative activities,and alleviate the information asymmetry between the inside and outside of enterprises through the number of cited patents of enterprises,thus reducing financing constraints.
作者
李希富
金波
LI Xi-fu;JIN Bo(School of Accounting,Lanzhou University of Finance and Economics,Lanzhou 730030,Gansu,China)
出处
《徐州工程学院学报（社会科学版）》
2022年第3期62-71,共10页
Journal of Xuzhou Institute of Technology：Social Sciences Edition
关键词
融资约束
专利被引用数
信息不对称
行业竞争程度
financing constraints
cited number of patents
asymmetric information
industrial competition degree
