CAJ | 학술논문

本文以具有明确自主创新政策导向意义的国家层面创新型企业为研究对象，基于2007~2011年间359家上市企业的平衡面板数据，采用个体固定效应回归模型，实证分析了股权结构对创新型企业债务期限结构选择的影响问题。结果表明，股权结构是影响创新型企业债务期限结构选择的重要治理因素。股权集中度对债务比例与债务期限均存在显著的正向影响，而股权制衡度对其则存在显著的负向影响；管理者持股对债务比例存在显著的负向影响，而对债务期限也存在负向影响但不显著；机构投资者持股对债务比例存在显著的负向影响，而对债务期限则存在较为显著的正向影响。本文基于研究结论进而提出了关于创新型企业优化股权结构与合理安排债务融资的建议。
본문이구유명학자주창신정책도향의의적국가층면창신형기업위연구대상，기우2007~2011년간359가상시기업적평형면판수거，채용개체고정효응회귀모형，실증분석료고권결구대창신형기업채무기한결구선택적영향문제。결과표명，고권결구시영향창신형기업채무기한결구선택적중요치리인소。고권집중도대채무비례여채무기한균존재현저적정향영향，이고권제형도대기칙존재현저적부향영향；관리자지고대채무비례존재현저적부향영향，이대채무기한야존재부향영향단불현저；궤구투자자지고대채무비례존재현저적부향영향，이대채무기한칙존재교위현저적정향영향。본문기우연구결론진이제출료관우창신형기업우화고권결구여합리안배채무융자적건의。
In this paper, we take the innovative enterprises of national level with the policy-specific meaning of independ-ent innovation as a study object. Based on the panel data of 359 listed companies from year 2007 to 2011 and by means of cross-section fixed effects model, we empirically analyzed the effects of ownership structure on the choice of debt maturity structure. The results show that ownership structure is an important governance factor of influencing debt maturity choice. There is a significantly positive relationship between ownership concentration and debt proportion and maturity, and a significantly negative relationship between ownership check-balance and debt proportion and maturity;there is a significantly negative relationship between manager ownership and debt proportion, and a insignificantly nega-tive relationship between manager ownership and debt maturity; there is a significantly negative relationship between institutional ownership and debt proportion, and a significantly positive relationship between institutional ownership and debt maturity. According to the above conclusions, this paper provides some policy suggestions on ownership structure and debt finance for innovative enterprises.