Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2015.1087327
Analysis of innovation based on financial structure
You-hua Chen
Pu-yan Nie
Xiao-wei Wen
Sažetak
This paper examines the interaction between innovation and financial structure under monopoly. We characterise the effects of debt levels on innovative investment by considering a limited liability effect. On one hand, higher debt levels promote both innovative investment and the outputs. On the other hand, shareholders’ net benefits are reduced by higher debt levels and net profit per debt is correspondingly reduced by higher debt level under positive net profit. More importantly, this study captures the interaction between financial structure and industrial organisation without restriction of the interior point.
Ključne riječi
financial structure; innovation; monopoly; corporate finance; debt levels; game theory
Hrčak ID:
171550
URI
Datum izdavanja:
20.12.2015.
Posjeta: 1.245 *