创业板企业融资决策对企业创新绩效的影响

在我国经济结构转型、债务压力化解的新形势下，企业通过融资能够有效提高资源利用效率，从而提升企业创新绩效。选取2010—2018年中国创业板上市公司为研究样本，并从企业债务治理角度，实证研究探讨融资类型以及融资限期对创业板企业创新绩效的影响。研究发现：①创业板企业融资决策与企业创新绩效显著相关；②商业信用融资、银行贷款等外源融资与企业创新绩效呈负相关；③股权的内源融资与企业创新绩效呈显著正相关；④在融资限期结构中，长期借款对企业绩效的负向作用比短期借款更大。基于以上发现，从风险控制角度提出相关建议，以期找到适合创业板企业的融资方式，促进企业创新绩效提升。

Research on the Influence of Enterprise Financing Decision on Enterprise Innovation Performance in Gem

During the period of the reform in economic structure that firm could be improved resource utilization efficiency from financing decision making.To do so,it aims to utilize financing and debts facilitate innovation performance growth.This paper selects listed companies on Chinext from 2010 to 2018 as research samples,and empirically tests the relationship between the firm financing-decision making and the innovation performance.This research-based on the perspective of debt governance findings: Firsthy,as a whole,the financing decision making of GEM enterprises is significant correlated with its innovation performance.Secondly,the commercial credit financing and bank loan financing are negatively correlated with corporate innovation performance.Thirdly,the equity financing is positively correlated with the firm innovation performance.Finally,from the financing term structure,the negative effect of long-term borrowing on corporate performance is much higher than that of short-term borrowing.The purpose of this study is to explore a more reasonable enterprise financing mode of gem,and provide reference and inspiration for China's gem enterprise financing decision.