On the Selection of Innovation Financing Resources:Based on the Financing Structure and the Innovation of Listed-company in China
研究2006-2010年中国上市公司数据，发现内外部融资均促进研发投入，外部融资作用更大；政府补贴和股权融资显著提升研发，债务融资效果不显著，但政府补贴能调节债务融资与创新的关系。
Does Chinese listed companies have preferences of innovation financing? In this paper,using empirical evidences of 2006 -2010 Chinese listed companies,we find that;(1) Both internal and external financing have significant positive impact on RD investment,meanwhile the influence of external financing is greater than the internal one.(2) By further investigating the impact of different external financing on the innovation of companies,results comes that government subsidy,followed by the impact of equity financing,can improve RD investment On the other hand,the impact of debt financing is insignificant(3) We also find that government subsidy have a significant moderating effect on the relationship between debt financing and corporate innovation investment,that is to say,government subsidy can effective stimulate companies to enhance RD investment through debt financing.This article explores the logic of innovation financing of Chinese companies, and provides theoretical suggestions for government to promote enterprise innovation and the development of capital markets.