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本文研究中小企业如何对无形资产进行投资。我们运用控制了一系列行业层次和企业层次变量的多元框架,去检验投资型融资模式与中小企业过去发展历史和未来发展预期是否有关。我们的分析基于对加拿大2960家公司按比例加权、分层后的调查数据。研究结果表明:中小企业的成长史与无形资产的投资成正相关。这一发现在债务融资投资和股权融资投资的企业都得到了验证。
This article studies how SMEs invest in intangible assets. We use a multi-dimensional framework that controls a series of industry-level and enterprise-level variables to test whether the investment-financing model is relevant to the past development history and future development expectations of SMEs. Our analysis is based on survey data from 2,960 Canadian companies weighted and stratified. The results show that: the growth history of SMEs is positively related to the investment of intangible assets. This finding has been verified in both debt financing and equity financing businesses.