摘要
以2014—2020年中国煤炭上市企业为样本,研究融资渠道对煤炭企业技术创新的影响,并考察金融发展对上述关系的调节作用。研究结果表明:内源融资对煤炭企业技术创新具有正向促进作用;进一步划分外源融资,其中股权融资能够正向推动煤炭企业技术创新,且正向促进作用强于内源融资,但债权融资影响不显著;地区金融发展水平能够正向调节内源融资、股权融资与技术创新的关系。研究结论为煤炭企业进行技术创新融资提供了理论基础,并为政府制定相关政策提供了微观证据。
Based on the sample of Chinese coal listed companies from 2014 to 2020, this paper empirically studies the impact of financing channels on technological innovation of coal enterprises, and examines the moderating effect of financial development on the above relationship. The results show: endogenous financing has a positive role in promoting technological innovation of coal enterprises. External financing is further divided, in which equity financing can significantly promote technological innovation of enterprises, and the promotion effect is stronger than that of internal financing. But the influence of debt financing is not significant. Regional financial development level can positively regulate the relationship between endogenous financing, equity financing and technological innovation. The research conclusions provide a theoretical basis for coal enterprises to carry out technological innovation financing, and provide micro evidence for the government to formulate relevant policies.
作者
王敏霞
郭丽芳
Wang Minxia;Guo Lifang(College of Economics and Management,Taiyuan University of Technology,Jinzhong 030600,China)
出处
《煤炭经济研究》
2022年第4期76-80,共5页
Coal Economic Research
基金
山西省哲社规划办重点项目(2020ZD009)
山西省软科学项目(2018041044-4)。
关键词
“双碳”
技术创新
融资渠道
金融发展
煤炭上市公司
“dual carbon”
technological innovation
financing channels
financial development
coal listed companies
