CAJ | 학술논문

基于126家沪市A股上市高新技术企业2008—2010年的数据，利用面板数据模型，研究了技术创新能力与高新技术企业资本结构间的关系，并考察盈利能力对“关系”的影响。研究表明，高新技术企业的研发人员投入、专利授权量（公开量）与负债水平正相关，而研发资金投入、发明专利申请量与负债水平负相关。盈利能力的“风险基准”降低作用与“激励动机”提升作用并存。拥有高盈利能力的高新技术企业可能会为了提高员工的研发积极性，在某些情况下，虽有“风险基准”降低的优势，但更倾向使用股权融资，即“激励动机”的提升作用。本文丰富了现有研究，为高新技术企业的融资决策提供了有益的借鉴。
기우126가호시A고상시고신기술기업2008—2010년적수거，이용면판수거모형，연구료기술창신능력여고신기술기업자본결구간적관계，병고찰영리능력대“관계”적영향。연구표명，고신기술기업적연발인원투입、전리수권량（공개량）여부채수평정상관，이연발자금투입、발명전리신청량여부채수평부상관。영리능력적“풍험기준”강저작용여“격려동궤”제승작용병존。옹유고영리능력적고신기술기업가능회위료제고원공적연발적겁성，재모사정황하，수유“풍험기준”강저적우세，단경경향사용고권융자，즉“격려동궤”적제승작용。본문봉부료현유연구，위고신기술기업적융자결책제공료유익적차감。
Based on the data of 126 high - tech firms listed in SSE A - share market over the period 2008 to 2010, and using the panel data model, this paper examines the relation between technology innovation capability and capital structure of Chinese listed high - teeh firms, and it investigates meanwhile the adjustment function of profitability on such relation. It is found out that the percentage of R＆D staff and the number of patents granted is positively related to the debt level, while the funding for R＆D and the number of inventions applied is negatively related to the debt level. Furthermore, profitability＇ s effect on reducing ＂risk benchmark＂ coexists with profitability＇ s effect on improving ＂ineentive motivation＂. It predicts that, in some cases, in order to stimulate the R＆D initiative of employees, high - tech firms with high profitability tend to resort to equity finance, although they have the advantage of low ＂risk benchmark＂. In this paper, a beneficial supplement is made to some existing theory to provide some reference for the decision making of the high - tech enterprises＇ finance.