CAJ | 학술논문

本文运用OrderedProbit模型考察了外部融资、公司规模与上市公司技术创新之间的关系，并进一步探讨了外部金融发展和外部融资对于不同规模企业技术创新的影响差异。采用手工收集整理的广义技术创新变量来衡量公司的技术创新程度，通过对微观层面的2007--2010年间中国A股上市公司数据的实证研究，得到如下结论：更为便利的外部融资对于上市公司技术创新有显著积极影响，而企业规模和技术创新之间则呈现倒U型关系，金融发展和外部融资对较小规模公司的技术创新有更为明显的正向影响。
본문운용OrderedProbit모형고찰료외부융자、공사규모여상시공사기술창신지간적관계，병진일보탐토료외부금융발전화외부융자대우불동규모기업기술창신적영향차이。채용수공수집정리적엄의기술창신변량래형량공사적기술창신정도，통과대미관층면적2007--2010년간중국A고상시공사수거적실증연구，득도여하결론：경위편리적외부융자대우상시공사기술창신유현저적겁영향，이기업규모화기술창신지간칙정현도U형관계，금융발전화외부융자대교소규모공사적기술창신유경위명현적정향영향。
The ordered -probit regressions model is applied in this paper to explore the relationship among external financing, firm size and technological innovation of listed companies, and the effects of financial development and external financing on dif- ferent firm＇ s size are further discussed. Based on the empirical investigation on firm - level dataset of Chinese listed company in A - share stock market from 2007 to 2010 and the generalized variable of companies＇ technological innovation manually collect- ed, the following conclusions are come to： firstly, increasingly convenient external financing has a significantly positive effect on firms＇ technological innovation; secondly, there is an inverse U relationship between firm size and technological innovation of lis- ted companies; and thirdly, the financial development and external financing have a more positive effect to the technological inno- vation of small - scale firms.