关系型融资对创新型企业R&D投资影响的门槛效应研究——基于信息不对称和融资结构的门槛视角

›› 2017, Vol. 29 ›› Issue (7): 61-69.

关系型融资对创新型企业R&D投资影响的门槛效应研究——基于信息不对称和融资结构的门槛视角

郭韬^1,2, 任雪娇¹, 赵丽丽¹

1. 哈尔滨工程大学经济管理学院, 哈尔滨 150001;
2. 哈尔滨工程大学企业创新研究所, 哈尔滨 150001

收稿日期:2015-06-17 出版日期:2017-07-28 发布日期:2017-07-15
通讯作者: 任雪娇,哈尔滨工程大学经济管理学院博士研究生
作者简介:郭韬,哈尔滨工程大学经济管理学院副教授,哈尔滨工程大学企业创新研究所成员,副博士生导师,博士;赵丽丽,哈尔滨工程大学经济管理学院博士研究生
基金资助:
国家社会科学基金重点项目（14AGL004）；国家社会科学基金项目（11CGL040）；教育部人文社科项目（10YJC630064）；中央高校基本科研业务费项目（HEUCFZ1605）。

Threshold Effects of Relationship Financing on R&D Investment of Innovative Enterprise——From the Perspective of Information Asymmetry Threshold and Financing Structure Threshold

Guo Tao^1,2, Ren Xuejiao¹, Zhao Lili¹

1. School of Economics and Management, Harbin Engineering University, Harbin 150001;
2. Institute of Enterprise Innovation, Harbin Engineering University, Harbin 150001

Received:2015-06-17 Online:2017-07-28 Published:2017-07-15

摘要/Abstract

摘要：

本文基于2010-2013年国家层面的192家创新型上市企业面板数据，通过构建门槛面板回归模型，从信息不对称和融资结构门槛视角出发，分析了关系型融资对创新型企业R&D投资的影响。结果表明：关系型融资对创新型企业R&D投资的影响存在显著的门槛效应。当企业信息不对称程度较高时，关系型融资对创新型企业R&D投资具有显著的正向促进作用，当企业信息不对称程度较低时，关系型融资对创新型企业R&D投资产生了负面影响；当企业融资结构处于较低或中间值时，关系型融资对创新型企业R&D投资的作用效果显著为正，当企业融资结构较高时，关系型融资对创新型企业R&D的作用效果显著为负。

关键词: 关系型融资, R&, D投资, 门槛效应, 信息不对称, 融资结构

Abstract:

Based on the panel data of 192 national-level innovative listed enterprises during the period between 2010 and 2013, by estab-lishing threshold panel regression model, this paper analyzes the effect of relationship financing on R&D investment of innovative enter-prise from the perspective of information asymmetry threshold and financing structure threshold.The results show that:there is a signifi-cant threshold effect between relationship financing and R&D investment of innovative enterprise.When the enterprise information asym-metry is in a high level, the relationship financing has a significant positive effect on R&D investment of innovative enterprise, and when the enterprise information asymmetry is in a low level, the relationship financing has a significant negative effect on R&D investment of innovative enterprise.When the enterprise financing structure is in a low or middle level, the relationship financing has a significant posi-tive effect on R&D investment of innovative enterprise, and when the enterprise financing structure in a high level, the relationship finan-cing has a significant negative effect on R&D investment of innovative enterprise.

Key words: relationship financing, R&D investment, threshold effects, information asymmetry, financing structure

郭韬, 任雪娇, 赵丽丽. 关系型融资对创新型企业R&D投资影响的门槛效应研究——基于信息不对称和融资结构的门槛视角[J]. , 2017, 29(7): 61-69.

Guo Tao, Ren Xuejiao, Zhao Lili. Threshold Effects of Relationship Financing on R&D Investment of Innovative Enterprise——From the Perspective of Information Asymmetry Threshold and Financing Structure Threshold[J]. , 2017, 29(7): 61-69.

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