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英美发达国家企业的实践已经证明:企业的技术创新投资与资本结构呈现负相关关系,而与其规模呈正相关关系,在一定程度上支持熊彼特假说。目前中国的经济发展正处于工业化阶段,民营上市公司规模与R&D投资之间是否呈现与上述发现相类似的经验结论?基于此,以在中国A股和B股上市的民营上市公司(并按其控股权性质不同分为创始家族控制的和非创始家族控制两类)为研究对象,对资本结构、企业规模与企业R&D投资的关系进行分析,得出一些关于中国民营上市公司企业的资本结构、企业规模与技术创新投资相互关系的启示性结论。
The practice of enterprises in developed countries in Britain and the United States has proved that the investment in technological innovation of enterprises has a negative correlation with the capital structure and has a positive correlation with its size and to some extent supports the Schumpeterian hypothesis. At present, China’s economic development is in the process of industrialization. Whether the scale of private listed companies and R & D investment is similar to the above findings? Based on this, taking private listed companies listed in China’s A-shares and B-shares as their basis The different nature of the controlling share is divided into two categories: the founding family control and the non-founding family control. As the research object, this paper analyzes the relationship between capital structure, firm size and enterprise R & D investment, and draws some conclusions about the capital structure of Chinese private listed companies, Enlightenment conclusion about the relationship between firm size and technological innovation investment.