为了检验企业社会责任、技术创新投入这2项投资活动对企业融资情况的影响。本研究以2014年我国创业板上市企业的数据为研究样本,并采用多元线性回归的最小二乘法对模型进行估计。探讨了企业社会责任、技术创新投入与资本结构之间的关系,并考察了企业社会责任和技术创新投入对资本结构的协同影响效应。通过实证研究发现:企业社会责任水平与资本结构负相关,技术创新投入也与资本结构负相关,且技术创新投入和社会责任交互影响企业资本结构,彼此调节增强对资本结构的影响。本研究丰富了已有的相关研究,以期能为我国创业板企业承担社会责任、积极创新、选择合适的资本结构提供一些启示。
In order to test the impact of these two kinds' investment activities of the corporate social responsibility and technological innovation on the corporate finance,this paper,based on the data of Chinese GEM listed companies in 2014 as the sample,and using the multiple linear regression OLS method to estimate the model,discussed the relationship between corporate social responsibility,technology innovation investment and capital structure,and examined the interaction effect of corporate social responsibility and technological innovation investment on the capital structure. The empirical study found that the level of corporate social responsibility is negatively related to the capital structure,that the technological innovation investment is also negatively related to the capital structure,and that the technological innovation investment and social responsibility has an interaction effect on the capital structure,and the influence will be enhanced with each other. This study enriched the existing related researches and provided some inspirations in undertaking social responsibility,investment innovation activities and selecting the appropriate capital structure of the GEM enterprises in our country.