融资约束对创新项目投资决策的影响研究_扈文秀.pdfVIP

科学学与科学技术管理 创新管理 融资约束对创新项目投资决策的 影响研究 扈文秀，孙 伟，柯峰伟 （西安理工大学 工商管理学院，西安 710054 ） 摘要：技术创新投资具有风险性高和信息不对称的特点，使得企业不能够对融资约束有清晰的识别，企业外部投资者也 会降低投资意愿，导致创新投资倾向与融资约束的矛盾更加突出。 在将技术创新企业进行分类的情形下，应用双变量递 归概率方法，研究了融资约束对技术创新项目投资决策的影响。 选取西安经济技术开发区部分制造业企业为样本，通过 建立投资偏好概率决策模型，运用回归分析方法揭示了样本企业融资约束的影响因素及其对创新投资决策的影响程度。 关键词：融资约束；技术创新；投资决策 中图分类号： 文献标志码： 文章编号： F830．593 A 1002－0241(2009)03－0081－08 The Impact of Financial Constraint on the Decision for Comprise Technology Innovation Items Investment HU Wenxiu, SUN Wei, KE Fengwei (School of Business and Administration, Xi＇an University of Technology, Xi＇an 710054, China) Abstract: Technological innovation investment has the features of high risk and asymmetry information． The enterprise cannot identify the financial constraint clearly and the external investors can decrease investment desire, which lead to more conflict between investment inclination and financial constraint． With the classi- fication of the technological innovation enterprise, using the recursion divaricated probability model, this pa- per studies the impact of financial constraint on the decision for comprise technology innovation items in- vestment． Selecting partial manufacturing industry enterprises of Xi＇an Economic Development Zone as the samples, it establishes financing restrains and innovates project investment probability decision－making mod- el． Furthermore, this paper analyzes their influence factors and correlations, while it promulgates the influ- ence variables of finance aspect in the enterprise