国有股权、专利信号与高技术行业中的民营企业债务融资

摘要/Abstract

摘要： 中国高技术行业中的民营企业普遍面临外部融资约束。考虑到此类企业在推动创新型国家建设过程中的突出作用，如何缓解它们的融资困难成为一个亟待研究的重要问题。本文将引入国有股权作为民营企业采取的一种非市场策略，将专利申请作为一种市场策略，分别研究不同策略对于债务融资可得性的影响，并研究两类策略的整合关系，从而更好揭示如何运用不同类型的策略来缓解民营企业的债务融资困境。基于438家高技术制造行业的民营企业2007—2016年的面板数据进行双向固定效应回归分析，结果表明：引入国有股权比例与债务融资可获得性之间呈倒U型关系；专利申请能够作为市场信号有助于民营企业获得债务融资；同时，整合两类策略以研究两者关系，发现引入国有股权使得民营企业释放专利信号的强度减弱，但又会增强专利信号对债务融资的促进效果。

关键词: 债务融资, 国有股权, 专利信号, 高技术行业, 民营企业

Abstract: Private enterprises in China' s high-tech industries are generally faced with external financing constraints. Considering the prominent role of such enterprises in promoting the construction of innovative country, we attach great importance on how to ease their financing restraints. This paper regards state ownership as a non-market strategy and patent application as a market strategy for private enterprises to obtain debt financing, and studies what effect each of the two strategies has on the availability of debt financing. What' s more, we explore the potential effect of using the two strategies in a mixed way to find a better solution for private enterprises to break through financing bottleneck. The two-way fixed effects regression analyses based on the panel data of 438 private enterprises in high-tech manufacturing industries from 2007 to 2016 reach the following conclusions. The introduction of state ownership, as a non-market strategy, has an inverted U-shaped relationship with the debt financing availability. Patent application that releases market signal, as a market strategy, helps private enterprises to obtain debt financing. At the same time, this paper integrates these two types of strategies and finds that the introduction of state ownership reduces the intensity of patent signal but enhances the effect of patent signal on debt financing availability.

Key words: debt financing, state ownership, patent signal, high-tech industries, private enterprises

魏海笑, 谢恩, 毕静煜. 国有股权、专利信号与高技术行业中的民营企业债务融资[J]. 管理评论, 2022, 34(7): 3-16.

Wei Haixiao, Xie En, Bi Jingyu. State Ownership, Patent Signal and Debt Financing of Private Enterprises in China's High-tech Industries[J]. Management Review, 2022, 34(7): 3-16.

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