| 创新驱动抑或低成本战略——基于融资结构与行业集中度视角的实证检验 |
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| 引用本文： | 林辉,朱珍珍,陈宝敏.创新驱动抑或低成本战略——基于融资结构与行业集中度视角的实证检验[J].中国经济问题,2021(1):174-188. |
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| 作者姓名： | 林辉 朱珍珍 陈宝敏 |
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| 作者单位： | 南京大学长江三角洲经济社会发展研究中心;南京大学经济学院 |
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| 基金项目： | 国家自然科学基金面上项目(71271110);教育部人文社科重点研究基地“南京大学长江三角洲经济社会发展研究中心”暨“区域转型与管理变革协同创新中心”联合招标重大项目资助(项目号为:CYD-2020008)的资助。 |
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| 摘 要： | 融资结构与行业集中度是企业选择创新驱动亦或低成本战略的重要条件。本文以2009-2019年创业板上市公司为研究对象,实证检验融资结构与行业集中度对企业选择上述两种竞争战略的影响。研究表明:(1)负债率越高的企业越偏好低成本战略,而负债率越低的企业越偏好创新驱动战略;(2)相比高集中度行业,在低集中度行业中,负债率高的企业更偏好低成本战略,也更排斥创新驱动战略。本文在此基础上,提出大力发展股权融资以及优化行业竞争环境,以提升企业创新驱动力的政策建议。
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| 关 键 词： | 融资结构 行业集中度 创新驱动战略 低成本战略 |
Innovation-driven or Low-cost Strategies: An Empirical Test from the Perspective of Industry Concentration and Financing Structure |
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| LIN Hui,ZHU Zhenzhen,CHEN Baomin.Innovation-driven or Low-cost Strategies: An Empirical Test from the Perspective of Industry Concentration and Financing Structure[J].Economic Issues in China,2021(1):174-188. |
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| Authors: | LIN Hui ZHU Zhenzhen CHEN Baomin |
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| Institution: | (Nanjing Universily,Nanjing,210093) |
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| Abstract: | This paper uses the data of Growth Enterprise Market(GEM) listed firms from 2009-2019 to test the impact of financing structure and industrial concentration on firms’ choices between innovation-driven and low-cost strategies. The paper finds that:(1) The higher the debt ratio, the more a company prefers low-cost strategy. The lower the debt ratio, the more a company prefers innovation-driven strategies.(2) Compared with companies in highly concentrated industries, high-debt ratios companies in low concentrated industries prefer low-cost strategies to innovation-driven strategy. Therefore, this paper suggests governments improve equity financing and the market environment to incentivize firms’ innovation. |
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| Keywords: | financing structure industry concentration innovation-driven strategy low-cost strategy |
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