基于准实验分析的债券融资对企业创新绩效影响研究

本文以制造业上市公司经验数据为研究样本,利用准实验研究方法,结合倾向得分匹配思想和双重差分模型,对债券融资与创新绩效的内生性进行有效控制的基础上,实证检验了债券融资对制造业创新绩效的影响.研究结果显示:债券融资能够显著促进制造业企业的创新绩效,实验组企业的创新绩效显著高于控制组;进一步地,债券融资规模与创新绩效之间具有正相关关系,债券发行数量越多,创新绩效水平越高;此外,在债券融资的影响因素方面,企业规模、成长性、资产负债率和现金债务比是影响制造业企业债券发行的主要因素.研究结论证实了债券持有者对企业创新活动的包容性,并且债券融资的流动性、长期性等特征能够帮助企业在债券市场实现投资者与创新活动的匹配,进而为提升制造业创新绩效奠定基础.

Bond financing and innovation performance: A study based on quasi-natural experiment

This paper has theoretically discussed the influence mechanism of bond financing on innovation performance by introducing concepts of innovation incentive and financing matching. Having selected panel data of listed corporations in manufacturing industry in China as research sample, the impact of bond financing upon innovation performance has been tested with the use of quasi-natural experiment which concludes differences-in-differences (DID) model as well as propensity score matching (PSM) method. It is found out that bond financing can significantly boost manufacturing enterprises' innovation performance, which is measured by data envelopment analysis (DEA), and the performance of corporations in experimental group is higher than treatment group. Moreover, the quantity of bond financing is positively related to innovation performance, the more bond that corporations issues, the better performance they can get. Furthermore, to the largest extent, corporations' bond financing decision can be influenced by factors of capital size, growing capability and cash flow. This study is expected to make valid response to pecking order theory and debt heterogeneity theory on one hand and provide scientific suggestions for manufacturing corporations' finance and innovation practice on the other.