金融市场化与企业技术创新:机制与证据

Financial Marketization and Enterprise Technology Innovation:Mechanism and Evidence

在中国推进经济高质量发展、建立创新型国家的进程中,充分发挥金融支持企业技术创新的功效至关重要。本文从金融市场化的视角,就金融市场化如何影响企业技术创新进行了理论分析,并从银行信贷资金分配市场化和金融结构两个层面构建金融市场化指数,采用两阶段最小二乘法,实证考察了金融市场化对企业技术创新的影响效应及传导机制。研究发现:金融市场化进程对企业技术创新具有显著的促进作用;就传导机制而言,金融市场化有助于缓解企业外部融资约束和增强企业内部研发支出,从而推动企业创新能力的提升。在替换不同度量指标、采用不同方法以及剔除异常样本点以后,这一结果依然稳健。进一步研究发现,金融市场化对企业技术创新的促进效果受政府干预程度的影响,并且具有明显的空间差异。本文结论为中国深化金融市场化改革,进而促进创新型国家建设提供政策启示。

The level of technological innovation ability of enterprises reflects the quality and sustainable level of national economic development.In the process of promoting high-quality economic development and improving the level of innovation in China,it is very important to give sufficient financial support for enterprise to innovate.First of all,this paper analyzes the theoretical mechanism of financial marketization affecting enterprise technological innovation.Then,this paper constructs the financial marketization index from the two aspects of credit fund distribution marketization and financial structure,to quantitatively reflect the level of financial marketization of 30 provinces in China.Based on the data of Industrial Enterprises above Designated Size,we investigates the impact of financial marketization on enterprise technological innovation empirically.The positive effect is found.Financial marketization plays a significant role in helping enterprise to carry out R&D activities through financial support,which can ease the external financing constraints of enterprises and improve the level of technological innovation.After dealing with the endogenous problem by employing the two-stage least square method,the promotion effect of financial marketization reform on enterprise technological innovation is valid.After changing the measurement method of financial marketization index,using other estimation methods,considering the lag effect,and removing outliers,this result is still robust.This paper also finds that internal R&D expenditure and external capital supply are served as two mediating channels from financial marketization to technological innovation of enterprises.Financial marketization helps to ease the external financing constraints and enhance the internal R&D expenditure of enterprises,so as to improve the level of technological innovation.On the one hand,the improvement of the level of financial marketization can disperse the risk of innovation,which will encourage enterprises to increase R&D investment.On the other hand,a perfect financial market system helps to reduce the information asymmetry between investors and enterprises,alleviate the principal-agent problem and provide more external sources of funds for enterprises to innovate.Further research shows that the promotion of financial marketization on enterprise technological innovation is affected by the degree of government intervention.Compared with the regions with strong government intervention,the promotion effect in regions with weak government intervention is more obvious.In addition,the impact of financial marketization on enterprise technological innovation has obvious spatial differences,and the promotion effect in coastal areas is more obvious.The conclusions of this article provide a feasible path to improve the level of innovation of enterprises.The government should steadily promote the financial market-oriented reform to establish an efficient,sound and stable financial system gradually,which can provide financial support for the real economy in the development process,and boost the technological innovation of enterprises.A better financial system plays a significant role in allocating more credit resources to enterprises with higher innovation efficiency.In addition,reducing the government’s administrative intervention on financial resources allocation is also important,so as to build a modern financial system.Considering the regional differences in China’s financial development,we should formulate and implement targeted policies in different regions.Taking actions to accelerate the process of financial marketization in backward areas is undoubtedly beneficial to promote the coordinated development of innovation among regions.