常州大学学报（社会科学版）2026，Vol.27Issue(1)：74-88,15.DOI:10.3969/j.issn.2095-042X.2026.01.007
创新效率视角下民营企业最优融资结构的区间估计
Interval Estimation of the Optimal Financing Structure for Private Enterprises from the Perspective of Innovation Efficiency:Taking A-share Listed Private Enterprises in Shanghai and Shenzhen Stock Markets as Examples
摘要
Abstract
Using a sample of private enterprises listed in Shanghai and Shenzhen A-share markets,this study employs the DEA model to measure innovation efficiency of private enterprises from 2015 to 2022 and utilizes the threshold regression method to examine the impacts of the proportion of various financing channels on innovation efficiency.Research shows that there is a single threshold for the impact of internal financing and debt financing on innovation efficiency,while no significant threshold is found for the impact of equity financing on innovation efficiency.Based on these findings and using a 95％confidence level,the study estimates the reasonable intervals for the proportions of each financing channel in the financing structure of private enterprises.Empirical results show that maintaining a reasonable financing structure of innovative funding sources helps companies improve innovation efficiency.When the proportion of a single financing channel exceeds its threshold,it will cause a negative impact on innovation efficiency.This paper takes the innovation efficiency of private enterprises as constraint objective,verifies the existence of the threshold effect of various financing proportion in financing structure from a dynamic perspective,broadens the application of capital structure theory,and provides a new research perspective for improving innovation efficiency.关键词
融资结构/区间估计/创新效率/民营企业Key words
financing structure/interval estimation/innovation efficiency/private enterprises分类
管理科学引用本文复制引用
薛瑛强,付明家..创新效率视角下民营企业最优融资结构的区间估计[J].常州大学学报（社会科学版）,2026,27(1):74-88,15.基金项目
国家社会科学基金一般项目"企业环境治理投资效率的测度与提升研究"(21BTJ017). （21BTJ017）
