摘 要
随着经济全球化和技术进步的加速，企业创新能力已成为其核心竞争力的重要来源，而资本结构作为企业财务决策的关键组成部分，对创新活动的资源配置和风险承担能力具有深远影响。本研究旨在探讨资本结构与企业创新能力之间的互动关系，以揭示二者如何相互作用并共同塑造企业的长期发展路径。基于中国A股上市公司的面板数据，本文采用固定效应模型和工具变量法，分析了不同资本结构特征对企业创新投入、产出及效率的影响，并进一步考察了这种关系在不同行业和技术密集度下的异质性表现。研究表明，适度的债务水平能够通过强化管理层激励和优化资源配置促进企业创新能力的提升，但过高的杠杆率则可能因增加财务压力而抑制创新活动；同时，股权融资虽然降低了财务风险，但可能因分散控制权而导致创新效率下降。此外，研究发现技术密集型行业和高成长性企业更倾向于利用债务融资支持创新，而非技术密集型企业则更多依赖股权融资。本文的主要贡献在于突破了传统单向因果关系的研究框架，从动态互动视角深入剖析了资本结构与企业创新能力的内在联系，并为优化企业融资决策提供了理论依据和实践指导，同时丰富了相关领域的实证研究。
关键词：资本结构；企业创新能力；债务融资
Abstract: With the acceleration of economic globalization and technological progress, corporate innovation capability has become a critical source of core competitiveness. As a key component of financial decision-making, capital structure exerts profound influences on the allocation of resources for innovation activities and the capacity to bear risks. This study aims to explore the interactive relationship between capital structure and corporate innovation capability, revealing how these two factors interact and jointly shape the long-term development trajectory of firms. Based on panel data from A-share listed companies in China, this paper employs fixed-effects models and instrumental variable methods to analyze the impact of different capital structure characteristics on corporate innovation inputs, outputs, and efficiency, while further examining the heterogeneous performance of this relationship across industries and varying levels of technology intensity. The findings indicate that an appropriate level of debt can enhance corporate innovation capability by reinforcing managerial incentives and optimizing resource allocation, whereas excessively high leverage may suppress innovation activities due to increased financial pressure. Meanwhile, although equity financing reduces financial risk, it may lead to a decline in innovation efficiency due to the dilution of control rights. Additionally, the research reveals that technology-intensive industries and high-growth enterprises are more inclined to utilize debt financing to support innovation, whereas non-technology-intensive firms tend to rely more on equity financing. The primary contribution of this paper lies in transcending the traditional fr amework of unidirectional causality, providing an in-depth analysis of the intrinsic linkages between capital structure and corporate innovation capability from a dynamic interaction perspective. This not only offers theoretical support and practical guidance for optimizing corporate financing decisions but also enriches empirical research in related fields.
Keywords: Capital Structure; Firm Innovation Capability; Debt Financing
目 录
1绪论 1
1.1资本结构与企业创新能力的研究背景 1
1.2研究资本结构与企业创新能力的意义 1
1.3国内外研究现状综述 1
1.4本文研究方法与创新点 2
2资本结构对企业创新能力的影响机制 2
2.1资本结构的理论基础与分类 2
2.2债务融资对创新能力的作用分析 3
2.3权益融资对创新能力的影响路径 3
2.4资本结构与创新投入的关系探讨 4
2.5不同资本结构下的创新风险评估 4
3企业创新能力对资本结构的选择效应 5
3.1创新能力的衡量与特征分析 5
3.2高创新能力企业的资本结构偏好 5
3.3创新驱动下资本结构调整的动因 6
3.4创新能力与融资成本的互动关系 6
3.5创新导向型企业资本结构优化策略 7
4资本结构与企业创新能力的协同效应分析 7
4.1资本结构与创新能力的动态匹配机制 7
4.2协同效应对企业绩效的影响研究 8
4.3行业差异对协同效应的调节作用 8
4.4政策环境对资本结构与创新能力互动的影响 9
4.5提升协同效应的路径与对策 9
结论 11
参考文献 12
致 谢 13
