债务结构异质性与双元平衡创新

创新是推动一国经济发展的重要驱动力,而创新融资在企业创新活动中扮演重要角色.然而现有研究对债务融资影响双元创新平衡机制的理解并不够深入.本文以我国2010～2019年3833家上市公司数据为样本,对债务结构异质性影响企业双元平衡创新的机制进行实证研究.结果表明,交易型债务与短期债务分别与企业创新呈倒U型关系,存在最优债务结构;同时,交易型债务与短期债务通过激励企业的利用式创新对企业的创新路径具有显著的修正作用,债权治理保证了公司经理人在进行探索式创新的同时充分进行利用式创新,促进企业处于双元平衡创新路径.论文深化了企业资本结构与创新的关系,对企业通过调整债务结构实现企业双元创新路径的优化,促进企业价值的提升具有重要价值.

Debt Structure Heterogeneity and Balanced Innovation of ambidexterity

Innovation is an important driving force to promote the economic development of a country, and innovation financing plays an important role in enterprise innovation activities. However, the existing research does not have a thorough understanding of the dual innovation and balance mechanism of debt financing. This paper uses the data of 3833 listed companies in my country from 2010 to 2019 as a sample to conduct an empirical study on the mechanism of the heterogeneity of debt structure affecting corporate dual balance innovation. The results show that transactional debt and short-term debt have an inverted U-shaped relationship with corporate innovation, respectively, and there is an optimal debt structure; at the same time, transactional debt and short-term debt have a significant correction effect on the innovation path of enterprises by stimulating the use of innovation by enterprises. , Creditor''s rights governance ensures that company managers make full use of innovative innovation while carrying out exploratory innovation, and promotes the enterprise to be in a dual-balanced innovation path. The thesis deepens the relationship between corporate capital structure and innovation, and has important value for companies to optimize the path of corporate dual innovation by adjusting debt structure, and to promote the promotion of corporate value.