杠杆率、企业规模与企业创新
Enterprise Leverage, Scale and Innovation

选取2010-2015年沪深A股上市公司的面板数据，借助门槛模型研究企业杠杆率与企业创新的关系。结果显示：杠杆率对企业创新有显著影响，存在既能促进创新同时降低风险的企业最优杠杆率区间，即当杠杆率处于9.3%~37.1%的范围时，杠杆率的提升能够最大地促进创新投入与创新产出，同时降低创新风险；但当前我国大部分企业并未达到增加创新产出与降低创新风险的最优均衡。同时，不同规模企业杠杆率与创新的关系具有差异性，大型企业促进创新且可规避风险的最优杠杆率的区间为杠杆率低于67.0%，中型企业为杠杆率低于22.5%，小型企业则是7.8%~17.0%的区间范围。应正确理解中央“去杠杆”政策，推进结构性去杠杆，力求在“降杠杆”和“促创新”之间达成最优平衡。
This paper utilizes the panel data of Shanghai and Shenzhen A-share listed companies in 2010-2015 and studies the relationship between enterprise leverage and innovation based on the threshold model. The results show that the enterprise leverage has a significant impact on enterprise innovation, and there exists an optimal leverage ratio that can promote innovation while reducing risks. When leverage is in the range of 9.3%~37.1%, the increase of leverage can maximize innovation input and innovation output while reducing innovation risk. However, most enterprises in China do not achieve the optimal balance of increasing innovation output and reducing innovation risk. At the same time, there are differences in the relationship between leverage and innovation for enterprises of different scales. The range of the optimal leverage for large enterprises to promote innovation and evade risk is that the leverage is less than 67.0%, the optimal leverage of medium enterprises is less than 22.5%, and the range of the optimal leverage for small enterprises is 7.8%~17.0%. We should correctly understand the deleveraging policy of the Central Committee, actively promote structural leveraging and strive to achieve the best balance between leveraging and promoting innovation.