CAJ | 학술논문

投融资是现代企业经营的两个重要决策。完全市场竞争假设下企业的融资和投资行为是相互独立的；但现实中因“信息不对称”导致的市场失灵使融资实效影响到了企业的投资行为。基于资本结构啄序理论和面板数据分析方法，本文选取电子计算机、通讯设备行业对资本结构作用于企业出口和创新行为展开研究，结果显示：行业利润（内源融资）对出口具有显著正向作用，而对创新无显著影响；银行中介借贷（外源融资）对创新和出口活动具有显著的正向效应，但其对出口影响作用明显小于对创新的影响；FDI（外源融资）显著抑制了创新活动的开展，其对出口无显著影响。在控制了行业规模、资本密集度、劳动生产率等变量后，计量结果依然稳健。
투융자시현대기업경영적량개중요결책。완전시장경쟁가설하기업적융자화투자행위시상호독립적；단현실중인“신식불대칭”도치적시장실령사융자실효영향도료기업적투자행위。기우자본결구탁서이론화면판수거분석방법，본문선취전자계산궤、통신설비행업대자본결구작용우기업출구화창신행위전개연구，결과현시：행업리윤（내원융자）대출구구유현저정향작용，이대창신무현저영향；은행중개차대（외원융자）대창신화출구활동구유현저적정향효응，단기대출구영향작용명현소우대창신적영향；FDI（외원융자）현저억제료창신활동적개전，기대출구무현저영향。재공제료행업규모、자본밀집도、노동생산솔등변량후，계량결과의연은건。
Financing and investment are two crucial decision-making procedures in modern business. Under the assumption of a perfectly competitive market, the financing behavior of a firm is independent from its investment behavior; in reality, however, corporate financing will affect its investment behavior due to market failures resulted by ＂information asymmetry＂ . Based on Pecking Order theory on capital structure, this paper uses the panel data from the computer and communication equipment industries to examine the effect of capital structure on corporate export and innovation behavior. The empirical results show that the industry profit （internal financing） plays a significantly positive role in promoting export, but it has no significant effect on innovation behavior; the borrowing from the bank or other intermediary bodies （external financing） has a significant positive effect on both innovation and export, with the effect on the latter more moderate than on the former; FDI （foreign financing） significantly inhibits innovative activities and has no significant effect on export. This study also finds that after controlling the variables including industry scale, capital intensity and labor productivity, the results are still robust.