高新技术企业的融资选择不一样吗——来自中国物联网板块上市公司的经验证据

自"融资啄序"理论提出以来,众多学者针对中国企业的经验研究存在着很大的争议,既有支持这一理论的文献,也有"股权融资偏好"观点的证据。而从国外已有理论方面来看,高新技术类上市公司由于其自身特点,会更倾向于权益融资。那么中国的情形是否如此呢,本文以沪深两市的物联网板块上市公司为研究样本,实证分析了企业融资方式趋向及其影响因素。基于Order Probit模型的结果,本文发现:中国物联网概念上市公司在融资过程中仍然总体上符合"融资啄序"理论,权益融资方面的成本因素可能阻碍了企业发行新股融资;此外,风险投资的存在对于企业融资方式有显著影响。

Is new hi-tech enterprise financing selection the same——experience evidence from China Internet of things listed companies

The controversy of empirical research of preference of equity financing viewpoint has been continued in China since Pecking Order financing theory comes. According to empiric al literature in foreign countries, the choice of financing is different in high-tech or innovative ？rms because of the nature of high-tech or innovative ？rms. That is to say equity financing prior to debt financing, is popular very much in high-tech or innovative ？rms. But by using data of A Share Listed Companies of The Internet of things in China, we find that as far as exterior financing order of Chinese companies are concerned, the overall sample accepts the pecking order theory with using ordered-probit model, and the paper points out that venture investment as a large shareholder has a notable effect on the financing choice.