摘要
企业在重视研发创新的同时不能忽视对信用风险的管理。选择2008年至2015年中国上市公司数据,以KMV模型计算上市公司信用风险,主要利用面板随机效应模型进行研究。实证分析发现,企业研发投入强度与信用风险显著正相关,但随着研发投入强度增加到一定程度时信用风险将随之减少,二者之间存在显著"倒U形"的非线性关系;发明专利可以显著降低企业信用风险,但实用新型、外观设计的创新产出可能会增加企业信用风险。因此,企业应该更加重视和鼓励发明专利的创新、申报和授予,如此方可有效降低信用风险的同时,增加竞争力。
Enterprises should pay attention to R ＆ D innovation, but can＇ t ignore the management of credit risk at the same time.This paper chooses the data of Chinese listed companies from 2008 to 2015, calculates the credit risk of listed companies by KMV model, and empirically finds out that the strength of R ＆ D investment is positively correlated with the credit risk by using the panel random effects model. However, with the strength of R ＆ D investment To a certain extent, the credit risk will be reduced, and there is a significant ＂inverted U-shaped＂ nonlinear relationship between the two. Patent for invention can significantly reduce the credit risk of enterprises, but the innovative output of utility model and design will increase the credit risk of enterprises. Therefore, enterprises should focus on and encourage innovation, reporting and granting of invention patents to effectively reduce credit risk and increase their competitiveness at the same time.
出处
《金融理论与实践》
北大核心
2018年第5期14-19,共6页
Financial Theory and Practice
基金
江苏省教育厅高校哲社项目(2017SJB1094)
广东省哲学社科项目(GD14XYJ15)
