本文選題：融資性負(fù)債　切入點(diǎn)：高管關(guān)聯(lián)　出處：《系統(tǒng)工程理論與實(shí)踐》2017年07期

【摘要】：民營(yíng)制造業(yè)擁有較強(qiáng)的創(chuàng)新熱情和創(chuàng)新能力,但同時(shí)也面臨著嚴(yán)重的融資約束和信貸歧視.基于此,本文采用A股民營(yíng)制造業(yè)上市公司數(shù)據(jù),從銀企關(guān)聯(lián)的視角實(shí)證檢驗(yàn)了不同期限結(jié)構(gòu)的融資性負(fù)債對(duì)企業(yè)研發(fā)投資的影響.研究發(fā)現(xiàn):銀企關(guān)聯(lián)的存在明顯削弱了短期、長(zhǎng)期負(fù)債對(duì)于研發(fā)投資的約束,且對(duì)長(zhǎng)期融資性負(fù)債的作用更為顯著;進(jìn)一步區(qū)分銀企關(guān)聯(lián)結(jié)構(gòu)的檢驗(yàn)發(fā)現(xiàn),相對(duì)于高管關(guān)聯(lián),持股關(guān)聯(lián)在其中的作用更顯著,且對(duì)于小型公司、高科技公司及金融生態(tài)環(huán)境較差地區(qū)公司的影響更大.特別地,我們還發(fā)現(xiàn)建立持股關(guān)聯(lián)的小型公司、高科技公司,其短期負(fù)債的約束作用同樣被顯著削弱.本文的研究結(jié)論更加深入地闡釋了銀企關(guān)聯(lián)在中國(guó)民營(yíng)企業(yè)創(chuàng)新中的重要作用,為這種非正式制度對(duì)市場(chǎng)化的替代作用及其合理性提供了證據(jù)支持,并豐富了金融發(fā)展、融資約束與企業(yè)創(chuàng)新領(lǐng)域的研究視角及相關(guān)文獻(xiàn).
[Abstract]:Private manufacturing industry has strong innovation enthusiasm and innovation ability, but it also faces serious financing constraints and credit discrimination. This paper empirically tests the influence of financing liabilities with different term structure on enterprise R & D investment from the perspective of bank and enterprise association. It is found that the existence of bank and enterprise association obviously weakens the constraints of short-term and long-term liabilities on R & D investment. And the effect on long-term financing liabilities is more significant. The test of further differentiating the relationship structure of banks and enterprises found that the relationship of shareholding is more significant than that of senior executives, and for small companies, High-tech companies and companies in areas with poor financial and ecological conditions have a greater impact. In particular, we have also found that small companies with shareholding links, high-tech companies, The binding effect of short-term liabilities has also been significantly weakened. The conclusion of this paper further explains the important role of bank-enterprise linkages in the innovation of private enterprises in China. It provides evidence support for the substitution and rationality of this informal institution to marketization and enriches the research perspective and relevant literature in the field of financial development, financing constraints and enterprise innovation.
【作者單位】： 安徽財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;北京航空航天大學(xué)經(jīng)濟(jì)管理學(xué)院;首都經(jīng)濟(jì)貿(mào)易大學(xué)會(huì)計(jì)學(xué)院;
【基金】：國(guó)家自然科學(xué)基金(71572007) 國(guó)家社會(huì)科學(xué)基金(14BJY206,15CGL017) 安徽省高校教育廳自然科學(xué)重點(diǎn)項(xiàng)目(KJ2017A431)~~
【分類號(hào)】：F275;F276.5

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