北京工业大学学报（社会科学版）2017，Vol.17Issue(2)：35-46,57,13.
融资结构、创新阶段与企业创新投入
Financing Structure,Innovation Stages and Firm R&D Investment
张静 1王宏伟 2张鑫3
作者信息
- 1. 中国社会科学院 研究生院,北京 102488
- 2. 中国科协 创新战略研究院,北京 100863
- 3. 国务院发展研究中心 技术经济研究部,北京 100010
- 折叠
摘要
Abstract
Manufacturing industry in China has effectively improved its productivity by taking advantage of late-developing during the past two decades.However,the future space for productivity gains through technology import and re-innovation after digesting and the Late-developing Advantage are keeping shrinking due to the technological convergence in manufacturing industry between China and developed countries.Therefore,motivating the firms possessing leading technology to conduct break-through technological innovation and inspiring the promotion and application of appropriate advanced technology among technological laggard firms have been the current research focus of technological innovation.This paper analyses the impact of various financing channels on firms' innovation investment decisions from the perspective of enterprise capital structure,and then examines the adjustment of the impact owing to different innovation stages that firms belong to.The result shows that:1) equity financing has a positive incentive effect on innovation investment,especially for firms at the higher innovation stages;2) debt financing is able to effectively encourage the manufacturers at the lower innovation stages to investment in technological innovation;3) working capital has a significant smoothing effect on enterprise R&D investment with an exception of firms at "technology-creation stage".Finally,some relevant policy recommendations are put forward.关键词
制造业/负债融资/权益融资/技术创新阶段/R&D投入Key words
manufacturing industry/debt financing/equity financing/technological innovation stages/R&D investment分类
管理科学引用本文复制引用
张静,王宏伟,张鑫..融资结构、创新阶段与企业创新投入[J].北京工业大学学报（社会科学版）,2017,17(2):35-46,57,13.
