集团背景下科技企业债务融资对创新投入的影响——基于沪深A股高科技上市企业的经验证据
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摘要
选取深沪上市集团中高科技企业数据,实证检验集团背景下债务融资是否具有促进企业创新投入的"积极投资假说"效应;在不同产权性质与组织结构下,验证了集团内部资本市场对"挑选胜者"效应的中介作用;最后,实证检验了集团内部资本市场在发挥关联担保效应中的调节作用。该研究结论丰富了集团背景下债务融资与创新投入关系的研究。
Based on the empirical data of Chinese listed high-tech companies in business groups, this paper firstly demonstrates that debt financing can promote R&D investment in business groups. Moreover, the internal capital market has 'winner-picking' mediating effect under different property rights and organization structures. Finally this paper demonstrates the internal capital market has 'interrelated guarantee' moderating effect. The conclusions enrich studies on the relationship between debt financing and innovation investment in business groups.
Based on the empirical data of Chinese listed high-tech companies in business groups, this paper firstly demonstrates that debt financing can promote R&D investment in business groups. Moreover, the internal capital market has 'winner-picking' mediating effect under different property rights and organization structures. Finally this paper demonstrates the internal capital market has 'interrelated guarantee' moderating effect. The conclusions enrich studies on the relationship between debt financing and innovation investment in business groups.
引文
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[9] 李后建,刘思亚.银行信贷、所有权性质与企业创新[J].科学学研究,2015,33(7):1089-1099.
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[12] DELOOF M.Belgian Intragroup relations and the determinants of corporate liquid reserves[J].European Financial Management,2009,7(3):375-392.
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[29] 尹志超,甘犁.信息不对称、企业异质性与信贷风险[J].经济研究,2011(9):121-132.
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[31] 王琨,陈晓.控股股东所有权结构与关联方担保[J].中国会计评论,2007(1):43-54.
[32] BERGER A N,FRAME W S,IOANNIDOU V.Tests of ex ante versus ex post theories of collateral using private and public information [J].Social Science Electronic Publishing,2011,99(1):85-97.
[33] BRICK I E,PALIA D.Evidence of jointness in the terms of relationship lending[J].Journal of Financial Intermediation,2007,16(3):452-476.
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[35] HSIEH T J,YEH R S,CHEN Y J.Business group characteristics and affiliated firm innovation:the case of Taiwan[J].Industrial Marketing Management,2010,39(4):560-570.
[36] MAHMOOD I P,LEE C Y.Business groups:entry barrier–innovation debate revisited[J].Journal of Economic Behavior & Organization,2004,54(4):513-531.
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[38] HE J,TIAN X.The dark side of analyst coverage:the case of innovation[J].Social Science Electronic Publishing,2013,109(3):856-878.
[39] 温军,冯根福.异质机构、企业性质与自主创新[J].经济研究,2012(3):53-64.
[40] AGHION P,REENEN J V,ZINGALES L.Innovation and institutional ownership[J].American Economic Review,2013,103(1):277-304.
[41] 李春涛,宋敏.中国制造业企业的创新活动:所有制和CEO激励的作用[J].经济研究,2010(5):135-137.
[42] 李增泉,辛显刚,于旭辉.金融发展、债务融资约束与金字塔结构——来自民营企业集团的证据[J].管理世界,2008(1):123-135.
[43] 陈希晖.关联交易中终极股东利益输送行为研究[D].南京:东南大学,2015.
[44] PORTA R L,SHLEIFER A.Corporate ownership around the world[J].Journal of Finance,1999,54(2):471-517.
[45] 贺勇,何红渠.民营企业集团、控股股东支持与R&D投资:融资约束情境下的调节作用与中介作用[J].科学学与科学技术管理,2014,35(3):85-98.
[46] JIAN M,WONG T J.Propping and tunneling through related party transactions[J].Review of Accounting Studies,2008,15(1):70-105.
[47] BIANCO M,NICODANO G.Pyramidal groups and debt[J].European Economic Review,2006,50(4):937-961.
[48] 王贞洁,沈维涛.金融生态环境、异质性债务与技术创新投资——基于我国制造业上市公司的实证研究[J].经济管理,2013(12):130-139.
[2] AHN S,CHOI W.The role of bank monitoring in corporate governance:evidence from borrowers' earnings management behavior[J].Journal of Banking & Finance,2009,33(2):425-434.
[3] WANG T,THORNHILL S.R&D investment and financing choices:a comprehensive perspective[J].Research Policy,2010,39(9):1148-1159.
[4] 陈岩,张斌,翟瑞瑞.国有企业债务结构对创新的影响——是否存在债务融资滥用的经验检验[J].科研管理,2016,37(4):16-26.
[5] CZARNITZKI D,KRAFT K.Capital control,debt financing and innovative activity[J].Journal of Economic Behavior & Organization,2009,71(2):372-383.
[6] ORTEGA-ARGILES R,MORENO R,CARALT J S.Ownership structure and innovation:is there a real link[J].Annals of Regional Science,2005,39(4):637-662.
[7] DAVID P,O'BRIEN J P,YOSHIKAWA T.The Implications of debt heterogeneity for R&D investment and firm performance[J].Academy of Management Journal,2008,51(1):165-181.
[8] 王旭.从创新厌恶到创新包容——银行债权治理的创新效应研究[J].科研管理,2015,36(11):184-192.
[9] 李后建,刘思亚.银行信贷、所有权性质与企业创新[J].科学学研究,2015,33(7):1089-1099.
[10] GERTNER R H,SCHARFSTEIN D S,STEIN J C.Internal versus external capital markets[J].Quarterly Journal of Economics,1994,109(4):1211-1230.
[11] STEIN J C.Internal capital markets and the competition for corporate resources[J].The Journal of Finance,1997,52(1):111-133.
[12] DELOOF M.Belgian Intragroup relations and the determinants of corporate liquid reserves[J].European Financial Management,2009,7(3):375-392.
[13] OPLER T C,TITMAN S.Financial distress and corporate performance[J].Journal of Finance,1994,49(3):1015-1040.
[14] LONG W F,RAVENSCRAFT D J.LBOs,debt and R&D intensity[J].Strategic Management Journal,1993,14(S1):119-135.
[15] JENSEN M C,MECKLING W H.Theory of the firm:managerial behavior,agency costs and ownership Structure[J].Social Science Electronic Publishing 1986,3(4):305-360.
[16] DIAMOND D W.Financial intermediation and delegated monitoring[J].Review of Economic Studies,1984,51(3):393-414.
[17] 胡奕明,谢诗蕾.银行监督效应与贷款定价——来自上市公司的一项经验研究[J].管理世界,2005(5):27-36.
[18] CHANG S J,CHUNG C N,MAHMOOD I P.When and how does business group affiliation promote Firm Innovation? a tale of two emerging economies[J].Organization Science,2006,17(5):637-656.
[19] GOPALAN R,NANDA V,SERU A.Withdrawn:affiliated firms and financial support:evidence from Indian business groups[J].Journal of Financial Economics,2007,86(3):759-795.
[20] 姚小涛,席酉民.环境变革中的企业与企业集团[M].北京:机械工业出版社,2002.
[21] BERGER P G,OFEK E.Diversification's effect on firm value[J].Journal of Financial Economics,1995,37(1):39-65.
[22] GRANT B R M.Contemporary strategy analysis:concepts,techniques,applications[M].Blackwell,2003.
[23] BELENZON S,BERKOVITZ T.Innovation in Business Groups[J].Management Science,2010,56(3):519-535.
[24] 张翼,李辰.股权结构、现金流与资本投资[J].经济学:季刊,2005(4):229-246.
[25] 饶育蕾,汪玉英.中国上市公司大股东对投资影响的实证研究[J].南开管理评论,2006,9(5):67-73.
[26] 刘星,代彬,郝颖.掏空、支持与资本投资——来自集团内部资本市场的经验证据[J].中国会计评论,2010(2):201-222.
[27] STEIN J C.Information production and capital allocation:decentralized versus hierarchical firms[J].The Journal of Finance,2002,57(5):1891-1921.
[28] VAROUJ AIVAZIAN,JIAPING QIU,MOHAMMAD RAHAMAN.Corporate diversification and the "more-money" effect[J].Journal of Financial Economic,2010(3):113-120.
[29] 尹志超,甘犁.信息不对称、企业异质性与信贷风险[J].经济研究,2011(9):121-132.
[30] LA PORTA R,LOPEZDESILANES F,ZAMARRIPA G.Related lending[J].Nber Working Papers,2002,118(1):231-268.
[31] 王琨,陈晓.控股股东所有权结构与关联方担保[J].中国会计评论,2007(1):43-54.
[32] BERGER A N,FRAME W S,IOANNIDOU V.Tests of ex ante versus ex post theories of collateral using private and public information [J].Social Science Electronic Publishing,2011,99(1):85-97.
[33] BRICK I E,PALIA D.Evidence of jointness in the terms of relationship lending[J].Journal of Financial Intermediation,2007,16(3):452-476.
[34] ALMEIDA H,KIM C,KIM H B.Internal capital markets in business groups:evidence from the Asian financial Crisis[J].Journal of Finance,2015,70(6):2539-2586.
[35] HSIEH T J,YEH R S,CHEN Y J.Business group characteristics and affiliated firm innovation:the case of Taiwan[J].Industrial Marketing Management,2010,39(4):560-570.
[36] MAHMOOD I P,LEE C Y.Business groups:entry barrier–innovation debate revisited[J].Journal of Economic Behavior & Organization,2004,54(4):513-531.
[37] 谢军,黄志忠.区域金融发展、内部资本市场与企业融资约束[J].会计研究,2014(7):75-81.
[38] HE J,TIAN X.The dark side of analyst coverage:the case of innovation[J].Social Science Electronic Publishing,2013,109(3):856-878.
[39] 温军,冯根福.异质机构、企业性质与自主创新[J].经济研究,2012(3):53-64.
[40] AGHION P,REENEN J V,ZINGALES L.Innovation and institutional ownership[J].American Economic Review,2013,103(1):277-304.
[41] 李春涛,宋敏.中国制造业企业的创新活动:所有制和CEO激励的作用[J].经济研究,2010(5):135-137.
[42] 李增泉,辛显刚,于旭辉.金融发展、债务融资约束与金字塔结构——来自民营企业集团的证据[J].管理世界,2008(1):123-135.
[43] 陈希晖.关联交易中终极股东利益输送行为研究[D].南京:东南大学,2015.
[44] PORTA R L,SHLEIFER A.Corporate ownership around the world[J].Journal of Finance,1999,54(2):471-517.
[45] 贺勇,何红渠.民营企业集团、控股股东支持与R&D投资:融资约束情境下的调节作用与中介作用[J].科学学与科学技术管理,2014,35(3):85-98.
[46] JIAN M,WONG T J.Propping and tunneling through related party transactions[J].Review of Accounting Studies,2008,15(1):70-105.
[47] BIANCO M,NICODANO G.Pyramidal groups and debt[J].European Economic Review,2006,50(4):937-961.
[48] 王贞洁,沈维涛.金融生态环境、异质性债务与技术创新投资——基于我国制造业上市公司的实证研究[J].经济管理,2013(12):130-139.