金融错配与企业技术创新——基于中国上市企业的经验证据

Financial Misallocation and Firm's Technological Innovation:Empirical Evidences from Chinese Listed Firms

本文基于2007—2021年中国A股上市企业数据,从创新投入和创新产出双重视角考察金融错配对企业技术创新的影响。研究结果显示,无论是从创新投入视角还是从创新产出视角均发现金融错配对企业技术创新产生显著的负面影响。经过变换被解释变量和解释变量度量方式、更改样本时间跨度以及考虑内生性问题等稳健性检验,研究结论仍然成立。异质性检验结果表明,金融错配对企业技术创新的影响因企业所有权和行业技术特质不同而存在显著的差异,且金融错配对企业创新投入和产出的影响也因此有所差异。本文从企业外部融资渠道和内部资本管理视角探究金融错配对企业技术创新的作用机制,并通过中介效应检验发现,金融错配可以通过融资约束、融资成本以及营运资本波动的渠道作用于企业技术创新。本文丰富了金融错配影响企业技术创新的研究框架,为企业如何提高技术创新水平提供了一定的经验证据和政策参考。

Based on the data of China's A-share listed firms from 2007 to 2021,this paper examines the impact of financial misallocation on firm's technological innovation from the dual perspectives of innovation input and innovation output.The research results show that both from the perspective of innovation input or innovation output,it is found that financial misallocation has a significant negative impact on firm's technological innovation.After robustness checks such as changing the measurement methods of explained variables and explanatory variable,changing the sample time span and considering endogenous problem,the conclusion of the study is still valid.The results of the heterogeneity test show that the impact of financial misallocation on firms'technological innovation varies significantly due to differences in firm ownership and nature of technology,and the impacts of financial misallocation on firms'innovation input and output also vary accordingly.This paper explores the mechanism of financial misallocation on firm's technological innovation from the perspective of external financing channel and internal capital management,and finds that financial misallocation can affect on firm's technological innovation through the channels of financing constraint,financing cost and working capital fluctuation.This paper enriches the research framework on the impact of financial misallocation on firm's technological innovation,and provides some empirical evidences and policy references for firms on how to improve their technological innovation level.