创新效率视角下民营企业最优融资结构的区间估计OA

Using a sample of private enterprises listed in Shanghai and Shenzhen A-share markets,this study employs the DEA model to measure innovation efficiency of private enterprises from 2015 to 2022 and utilizes the threshold regression method to examine the impacts of the proportion of various financing channels on innovation efficiency.Research shows that there is a single threshold for the impact of internal financing and debt financing on innovation efficiency,while no significant threshold is found for the impact of equity financing on innovation efficiency.Based on these findings and using a 95％confidence level,the study estimates the reasonable intervals for the proportions of each financing channel in the financing structure of private enterprises.Empirical results show that maintaining a reasonable financing structure of innovative funding sources helps companies improve innovation efficiency.When the proportion of a single financing channel exceeds its threshold,it will cause a negative impact on innovation efficiency.This paper takes the innovation efficiency of private enterprises as constraint objective,verifies the existence of the threshold effect of various financing proportion in financing structure from a dynamic perspective,broadens the application of capital structure theory,and provides a new research perspective for improving innovation efficiency.