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论文编号：	13997
作者编号：	2120213303
上传时间：	2023/6/7 15:20:50
中文题目：	债务集中度对企业创新的影响研究
英文题目：	Research on the Influence of Debt Concentration on Enterprise Innovation
指导老师：	李姝
中文关键字：	债务集中度；企业创新；利益相关者议价能力；管理层短视
英文关键字：	Debt concentration；Enterprise Innovation；Bargaining power of stakeholders；Management myopia
中文摘要：	党的二十大报告强调，创新在我国现代化建设全局中占据核心地位，必须加快实施创新驱动发展战略，推进高水平科技自主创新。企业是市场的主体，提升企业的创新能力才能提高我国整体的创新水平。企业的创新活动由于其周期较长、风险较高，因此需要长期且稳定的资金来源提供支持，债务融资就是一种重要的融资方式。近年来，我国的宏观杠杆率不断上升，债务违约的现象频频出现。“11天威MTN2”违约事件已成为国内第一起国有企业债券违约案例，恒大集团和海航集团也接连爆发财务危机，各类债务全面逾期，给投资人和社会带来巨大经济损失。针对杠杆率过高导致的企业债务违约事件，中央经济工作会议提出“去杠杆”的工作任务，优化企业债务结构。在我国宏观杠杆率攀升、企业债务结构亟需优化以及实施创新驱动发展战略的现实背景下，本文从债务结构的视角，研究债务集中度与企业创新的关系，对于优化企业债务结构，促进我国企业创新水平提升，具有重要的意义。 本研究选取2007年至2021年沪深A股的上市公司作为研究对象，旨在探究债务集中度对企业创新的影响。同时，本文还从管理层短视行为的视角出发，探讨了债务集中度对企业创新的影响路径。本文还讨论了产权性质、债务期限和破产风险对二者关系的调节效应。最后，本研究进行了债务类型的分解检验，并探究了不同债务类型对企业创新的影响。研究结论如下：第一，较高的债务集中度会抑制企业创新；第二，管理层短视在债务集中度对企业创新的影响中发挥着中介作用；第三，债务集中度对创新的抑制作用在国有企业、持有长期债务比重较低、破产风险较高的企业中更强；第四，对债务类型的分解检验发现，应付债券会显著促进企业的创新投入，商业信用显著抑制了企业的创新投入，银行借款和融资租赁对企业的创新投入没有显著影响。本文为企业应选择何种程度的债务集中度水平，如何利用不同的债务类型从而促进企业创新提供了理论上的指导。
英文摘要：	The Party's 20 National Congress report stressed that innovation plays a central role in China's overall modernization drive, and we must accelerate the implementation of the innovation-driven development strategy and promote high-level independent innovation in science and technology. Enterprises are the main body of the market. Improving their innovative ability can improve the overall innovation level of our country. Because of its long cycle and high risk, the innovation activities of enterprises need long-term and stable funding sources to provide support, and debt financing is an important financing way. In recent years, our macro leverage ratio has been increasing, and the phenomenon of debt default has been appearing frequently. The default of "11 Tianwei MTN2" has become the first case of bond default of state-owned enterprises in China. Evergrande Group and HNA Group also broke out financial crisis in succession and all kinds of debts were overdue, bringing huge economic losses to investors and the society. In view of corporate debt defaults caused by excessive leverage ratio, the Central Economic Work Conference proposed the task of "deleveraging" to optimize corporate debt structure. Under the realistic background of rising macro leverage ratio, urgent optimization of corporate debt structure and implementation of innovation-driven development strategy, this paper studies the relationship between debt concentration and corporate innovation from the perspective of debt structure, which is of great significance for optimizing corporate debt structure and promoting the improvement of corporate innovation level. This study selected A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as research objects, aiming to explore the influence of debt concentration on enterprise innovation. At the same time, this paper also discusses the influence of debt concentration on enterprise innovation from the perspective of management short-sighted behavior. The moderating effects of property right, debt maturity and bankruptcy risk on their relationship are also discussed. Finally, this study conducted a decomposition test of debt types, and explored the impact of different debt types on enterprise innovation. The conclusions are as follows: first, higher debt concentration will inhibit enterprise innovation; Second, management myopia plays an intermediary role in the influence of debt concentration on enterprise innovation; Third, the restraining effect of debt concentration on innovation is stronger in state-owned enterprises, enterprises with low proportion of long-term debt and high risk of bankruptcy. Fourth, the decomposition test of debt types shows that bonds payable can significantly promote the innovation input of enterprises, commercial credit significantly inhibits the innovation input of enterprises, and bank loans and financial leasing have no significant impact on the innovation input of enterprises. This paper provides theoretical guidance for enterprises to choose what degree of debt concentration level and how to use different debt types to promote enterprise innovation.
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