CAJ | 학술논문

中国上市公司是否对创新融资存在显著的选择偏好？本文利用2006～2010年中国上市公司的经验数据研究发现：（1）内源融资、外源融资对公司创新投资均存在显著的正面影响，但外源融资对创新投资的促进效应大于内源融资。（2）进一步考察股权融资、债权融资、政府补助三种外源融资对公司创新的影响可以发现，政府补助最能够显著提高中国上市公司创新投资，股权融资的影响次之，债权融资则不明显。（3）政府补助对债权融资与公司创新投资之间的关系存在显著的调节效应，政府补助可以“刺激”上市公司通过债权融资提高公司创新投资。本文对中国上市公司创新融资的内在逻辑进行了深入探讨，在一定程度上为国家促进企业自主创新和推动资本市场发展提供了理论依据与决策参考。
중국상시공사시부대창신융자존재현저적선택편호？본문이용2006～2010년중국상시공사적경험수거연구발현：（1）내원융자、외원융자대공사창신투자균존재현저적정면영향，단외원융자대창신투자적촉진효응대우내원융자。（2）진일보고찰고권융자、채권융자、정부보조삼충외원융자대공사창신적영향가이발현，정부보조최능구현저제고중국상시공사창신투자，고권융자적영향차지，채권융자칙불명현。（3）정부보조대채권융자여공사창신투자지간적관계존재현저적조절효응，정부보조가이“자격”상시공사통과채권융자제고공사창신투자。본문대중국상시공사창신융자적내재라집진행료심입탐토，재일정정도상위국가촉진기업자주창신화추동자본시장발전제공료이론의거여결책삼고。
Does Chinese listed companies have preferences of innovation financing？ In this paper, using empiri- cal evidences of 2006 -2010 Chinese listed companies, we find that：（1） Both internal and external financing have significant positive impact on R＆D investment, meanwhile the influence of external financing is greater than the internal one. （2） By further investigating the impact of different external financing on the innovation of companies, results comes that government subsidy, followed by the impact of equity financing, can improve R＆D investment. On the other hand, the impact of debt financing is insignificanL （3） We also find that gov- ernment subsidy have a significant moderating effect on the relationship between debt financing and corporate in- novation investment, that is to say, government subsidy can effective ＂stimulate＂ companies to enhance R＆D investment through debt financing. This article explores the logic of innovation financing of Chinese companies, and provides theoretical suggestions for government to promote enterprise innovation and the development of cap- ital markets.