Sources of financing: Which ones are more effective in innovation–growth linkage?

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems Pub Date : 2024-06-01 DOI:10.1016/j.ecosys.2023.101177

Anabela M. Santos , Michele Cincera , Giovanni Cerulli

引用次数: 0

Abstract

The study assesses the impact of eight sources of financing (internal funds, bank loans, credit lines, trade credit, equity, grants, leasing and factoring) on innovation and firm growth. It provides evidence that not all external financing sources have the same impact on innovation and growth. Output additionality on turnover growth seems higher for equity financing. In contrast, employment growth appears to be more associated with financing sources linked to increased fixed assets or the solving of liquidity problems. The number of financing instruments used together also seems to matter, revealing the existence of complementarities.

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资金来源：哪些资金来源在创新与增长的联系中更为有效？

该研究评估了八种融资来源（内部资金、银行贷款、信贷额度、贸易信贷、股权、赠款、租赁和保理）对创新和企业增长的影响。研究证明，并非所有外部融资来源都对创新和增长产生同样的影响。股权融资对营业额增长的产出额外性似乎更高。相比之下，就业增长似乎更多地与增加固定资产或解决流动性问题相关的融资来源有关。同时使用的融资工具的数量似乎也很重要，这表明存在互补性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Systems ECONOMICS-

CiteScore

4.90

自引率

0.00%

发文量

审稿时长

48 days

期刊介绍： Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among developed, developing, and emerging economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. In this respect, Economic Systems retains its long standing interest in the emerging economies of Central and Eastern Europe and other former transition economies, but also encourages contributions that cover any part of the world, including Asia, Latin America, the Middle East, or Africa.