基于企业类型和融资来源的技术创新效率比较研究——来自广东省企业面板数据的经验分析

A Comparative Study on R&D Efficiency Correlating with Financing Resources:Empirical Evidences from Guangdong

金融对技术创新(R&D)效率影响的总量实证文献较多,而基于企业层面数据的研发效率的比较研究较少。通过构建模型分析金融与技术创新效率的相互作用,针对不同规模与技术密集程度企业的融资来源提出三个理论假设,并采用广东省2002-2008年企业面板数据进行经验分析,得出结论:外源融资对技术创新效率有显著的促进作用,并按照中小传统企业、大型传统企业、大型科技企业、中小科技企业的次序由弱增强;不同融资来源对技术创新效率的促进作用不同,按风险投资、FDI、民间借款、银行、证券的次序由弱增强;外资直接投资对技术创新效率有抑制效应,劳动力对技术创新效率有挤出效应。这些结论与本文的假设基本一致。

The support which is given to R&D by finance is extensive and strong,but financial depression still hinders the lifting of R&D efficiency,resulting in Macmillan Gap.This paper makes a simple model to analyze the rationale of finance affecting R&D,and has found that financial development can promote R&D efficiency.This paper adopts Copeland Index Analysis Method to measure the value of TFP so as to avoid the imperfection of Solow Residual Analysis Method and Translog Method.Moreover,it uses panel data from 2002 to 2008 from enterprises in Guangdong to make empirical analysis.Main conclusions are that:external financing promotes R&D efficiency significantly,the elasticity coefficients increase in the order of small and middle-sized traditional enterprises,large-sized traditional enterprises,large-sized tech-based enterprises and small and middle-sized tech-based enterprises;different financing sources give different promoting impacts on R&D efficiency,and the extent increases in the order of venture capital,FDI,civilian credit,bank and shares;FDI restrains R&D efficiency and labors crowd out R&D efficiency.These conclusions are basically consistent with our hypotheses.