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基于我国科教兴国战略和“十二五”时期扩大科技创新的制度背景,构建理论模型以分析异质要素资本对企业成长的作用机理。在此基础上,运用沪深两市2008-2013年度A股企业样本数据探讨技术资本和知识资本与企业成长的关系,考察了技术资本与知识资本配置结构如何影响企业成长,进而验证了当前市场环境下二者对企业成长的相对重要性。研究结果表明,技术资本和知识资本的均衡配置有利于企业成长;技术资本和知识资本具有协同和均衡效应,二者应共同投资且在要素资本结构中的比重不能差距过大。以企业当前发展状况而言,技术资本对企业成长的贡献比知识资本更大,该研究为我国企业成长和优化要素资本配置结构提供了有益参考。
Based on the strategy of rejuvenating China through science and education and the institutional background of expanding science and technology during the “Twelfth Five-year Plan”, a theoretical model is constructed to analyze the mechanism of the effect of heterogeneous factors on the growth of enterprises. On this basis, using the sample data of A-share companies in 2008-2013 in Shanghai and Shenzhen stock markets to explore the relationship between technology capital and intellectual capital and the growth of enterprises, we examine how the technology capital and intellectual capital allocation structure affect the growth of enterprises, and then verify the current market The relative importance of the two to business growth under the environment. The results show that the balanced allocation of technological capital and intellectual capital is conducive to the growth of enterprises. The technological capital and intellectual capital have the synergistic and equilibrium effect. The two should be co-invested and the proportion in the capital structure of factors should not be too large. In terms of the current development of enterprises, the contribution of technological capital to the growth of enterprises is greater than that of intellectual capital. This research provides a useful reference for the growth of enterprises and optimization of capital allocation in China.