摘要
本文选取创业板上市的803家制造型企业数据,分析不同融资方式对制造型企业创新投资的影响。结果显示:制造型企业的创新投资与内部融资,政府补助正相关,与债权融资,股权融资负相关。债权融资抑制国企和民营企业的创新投资,而政府补助推动国企和民营企业的创新投资,对国企作用更明显。本文研究结果有助于减少融资不足,增加企业创新活力。
This paper selects the data of 803 manufacturing enterprises listed on the GEM to analyze the impact of different financing methods on innovative investment of manufacturing enterprises.The results show that the innovation investment of manufacturing enterprises is positively related to internal financing and government subsidies,and negatively related to debt financing and equity financing.Debt financing inhibits innovation investment of state-owned and private enterprises,while government subsidies promote innovation investment of state-owned and private enterprises,which plays a more significant role in state-owned enterprises.The results of this study will help reduce the lack of financing and increase the innovation vitality of enterprises.
作者
柳德才
韩道灵
刘迅
Decai Liu;Daoing Han;Xun Liu(School of Management,Wuhan University of Science and Technology,Wuhan,Hubei,430070,China)
关键词
融资方式
制造型企业
创新投资
Financing Method
Manufacturing Enterprises
Innovation Investment
