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本文通过划分外部融资来源,分析不同外部融资来源对技术创新影响。首先通过对企业资本结构理论的研究探讨资本结构对企业价值及投资活动的影响,再对外部融资方式进行划分,由于中国既有广大的非上市中小企业,也有部分上市公司,因此,不同类型企业技术创新时对融资渠道选择也不同。最后分别考察了银行信贷、私人借贷、风险投资、公开发行债券和股权融资对于企业投资活动和企业技术创新的影响。
By dividing the sources of external financing, this paper analyzes the impact of different external sources of financing on technological innovation. First of all, through the study of the theory of corporate capital structure, it explores the impact of capital structure on corporate value and investment activities, and then divides the external financing methods. Since China has a large number of non-listed SMEs and some listed companies, different types of enterprises Choice of financing channels for technological innovation is also different. Finally, the paper examines the impact of bank credit, private lending, venture capital, public offering of bonds and equity financing on corporate investment activities and corporate technological innovation.