管理学报
  Jan. 7, 2025
Home |  About Journal  |  Editorial Board  |  Instruction  |  Subscriptions  |  Advertisement  |  Contacts Us  |  Chinese
Chinese Journal of Management
Current Issue| Next Issue| Archive| Adv Search |
Research on the Impact of Optimal Capital Structure Deviation on Enterprise Innovation
REN Haofeng,SONG Yuchen,ZHANG Yanyan
1.Jilin University, Changchun, China;2. Anhui University of Finance and Economics, Bengbu, Anhui, China

Download: PDF (1146 KB)   HTML (1 KB) 
Export: BibTeX | EndNote (RIS)      
Abstract  This paper takes Chinese A-share listed manufacturing companies from 2008 to 2019 as the research object to explore the impact of deviation of optimal capital structure on innovation level. The results show that optimal capital structure deviation has a significant restraining effect on the quantity and quality of innovation output for both under-indebted and over-indebted firms. Furthermore, it is found that optimal capital structure deviation of over-indebted firms restricts innovation performance by shortening the loan term structure, and this effect is more significant in state-owned enterprises, over-confident firms, highly competitive industries and high-tech enterprises.
Key wordsoptimal capital structure      enterprise innovation      excessive debt      credit term structure     
Received: 09 May 2022     
Service
E-mail this article
Add to my bookshelf
Add to citation manager
E-mail Alert
RSS
Articles by authors
REN Haofeng
SONG Yuchen
ZHANG Yanyan
Cite this article:   
REN Haofeng,SONG Yuchen,ZHANG Yanyan. Research on the Impact of Optimal Capital Structure Deviation on Enterprise Innovation[J]. Chinese Journal of Management, 2023, 20(9): 1344-.
URL:  
http://manu68.magtech.com.cn/Jwk_glxb/EN/     OR     http://manu68.magtech.com.cn/Jwk_glxb/EN/Y2023/V20/I9/1344
Copyright  ©  CHINESE JOURNAL OF MANAGEMENT
Support by Beijing Magtech Co.ltd   support@magtech.com.cn