融资约束、技术创新与企业能源消耗——基于中国制造业企业调查数据的分析

Financial Constraint, Technological Innovation and Enterprise’s Energy Consumption--An Analysis based on Chinese Manufacturing Enterprises Survey

积极有效降低制造业企业能源消耗,对推动中国制造业高质量发展具有重要意义。本文利用中国制造业企业调查数据,考察了融资约束通过技术创新对企业能源消耗的作用机制和影响效果。理论而言,外部融资约束的放松可以通过增加资金供给、降低融资成本、缓解信息不对称和分散风险促进企业技术创新,从而降低企业能源消耗。利用中介效应模型的回归结果发现,总体而言,企业外部融资约束放松能够通过技术创新有效降低企业能源消耗强度,提高企业能源全要素生产率。分样本回归发现,相对而言,这一结果对中小型制造业企业、处于成长期的制造业企业、高资本密集型行业企业和低能耗行业企业影响更为显著。

Reducing the energy consumption of manufacturing enterprises is of great importance to the high-quality development of China's manufacturing industry.In this paper,we theoretically analyze the mediating effect of technology innovation in the relationship between financial constraint and energy consumption,and then we use the survey data of Chinese manufacturing enterprises to analyze the mediating effect of innovation.Theoretically,external financial constraint can promote enterprises’technological innovation by increasing capital supply,reducing financing costs,alleviating information asymmetry and dispersing risks,so as to reduce the energy consumption of enterprises.Empirical results show that the relaxation of external financial constraint does promote technological innovation,and have positive effects on the reduction of enterprises’energy consumption intensity and the improvement of enterprises’total factor productivity of energy.Further sample regressions show that,relatively speaking,the results have more significant impact on small and medium manufacturing enterprises,manufacturing enterprises in growing stage,enterprises in high-capital-intensive industries and enterprises in low-energy consumption industries.