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Technological Innovation And The Relationship Between Firm Size And Capital Structure Research

Posted on:2012-10-26Degree:MasterType:Thesis
Country:ChinaCandidate:W J XieFull Text:PDF
GTID:2199330338955342Subject:Accounting
Abstract/Summary:PDF Full Text Request
Due to different technological innovation indicators to measure,Using quantity index and intensity index will draw a different story,So enterprise in the pursuit of technical innovation quantity also from quality namely efficiency assessment its innovation activities perspective, and we in evaluating enterprise technology innovation in volume and strength should be the different levels of reference . This paper reviews the basis of previous studies since 2006, with countries since conducted lots for the listed company of innovative pilot enterprise as samples, the analysis technology innovation and enterprise scale and capital structure, so as to evaluate the relationship of enterprise technology innovation activities to provide the reference.This topic in recent years in China published in the continuous innovative pilot enterprise of actually listed companies as a sample Technological innovation and enterprise scale of the relationship that do empirical analysis: The innovation of national innovative pilot enterprise amount with the enlargement of enterprises in scale and improve. It results enterprise scale Can draw two conclusions of the technology innovation strength and correlation analysis: 1. The national innovative pilot enterprise innovation intensity with enterprise scale expanding overall declined; 2. National innovative pilot enterprise of high-tech enterprise innovation intensity with enterprise scale after the first decline (late is holding up ) are improving. And from the empirical analysis from these countries in innovative pilot conversion sample enterprises in technological innovation in enterprise strength has annual sales revenue by about 200 billion or so down to rise.The empirical results from technology innovation quantity with the asset-liability ratio unless high-tech enterprises outside the other sample classification samples and overall samples are classified a certain degree of positive relationship; Technology innovation strength and asset-liability ratio of different sample inconsistent conclusions obtained, the results show that part of the sample classification and overall sample of innovation strength and enterprise capital structure a significant negative relationship in a certain extent of support most scholars conclusion. Another part of the sample classification the evidence shows that the enterprise innovation strength and business capital structure, are significant positive relationship between the positive relation on the reason may be due to most of our industry is of growth and maturity industrial capital structure itself is rising trend, and year after year, because enterprise leverage rather than return on investment more and more high, and better macroeconomic expected. So, Banks and enterprises have no reason not to increase loan. On the other hand can also be caused by the enterprise's financial leverage to innovation activities exist certain use of space, or for government to these enterprise financing aspects of the guide, support effect, pending further studies and discusses after.This essay emphasizes enterprise scale and technology innovation measure relationship should distinguish between innovation quantity with different index represents innovation strength can help to different meaning each enterprise re-examine the traditional viewpoint, thus scale competition more effectively will enterprise scale, capital structure and the innovation efficiency measure their combine innovative activities, this paper theoretically on the scale of enterprises can be technological innovation make further understanding the relationship, and in practice, for evaluation of enterprise technology innovation activities to provide the reference.
Keywords/Search Tags:Technology innovation, enterprise scale, capital structure, innovation strength
PDF Full Text Request
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