企业创新与杠杆率动态调整关系实证研究——创新效率视角

基于沪、深证券市场2008-2017年上市公司非平衡面板数据，从研发效率和专利产出两个维度综合分析企业创新效率与杠杆率调整的动态关系。结果表明：在调整效应上，高研发效率与高专利产出有利于企业向下调整杠杆率，企业所有权异质性不会改变这种杠杆调整效应，但具有明显的非对称性，即国有企业调整效应更为显著；在加速效应上，随着研发效率提高、专利产出增加，杠杆率下降速度加快，国有企业对研发效率加速效应更敏感，而非国有企业对专利产出加速效应更敏感。

Enterprise Innovation & Dynamic Adjustment of Leverage

Based on the unbalanced panel data of listed companies in Shanghai & Shenzhen stock markets from 2008 to 2017, this paper comprehensively analyzes the dynamic relationship between enterprise innovation & leverage adjustment from the two dimensions of R&D efficiency & innovation output.The empirical results show that: in terms of the adjustment effect, high R&D efficiency & high innovation output are conducive to the downward adjustment of the leverage of enterprises.The heterogeneity of enterprise ownership will not change this leverage adjustment effect, but it shows obvious asymmetry, that is, the adjustment effect of state-owned enterprises is more prominent.In terms of acceleration effect, with the improvement of R&D efficiency & innovation output, the decline rate of leverage accelerates, state-owned enterprises are more sensitive to the acceleration effect of R&D efficiency, while non-state-owned enterprises are more sensitive to the acceleration effect of innovation output.