制度环境、集群化发展与创新融资约束——基于中国新材料产业上市公司的实证研究

Institutional Environment, Cluster Development and Financing Constraints of Innovation: An Empirical Research on Chinese New Materials Industry Listed Companies

本文以中国新材料产业上市公司为样本,实证分析了外部制度环境和内部企业集群化发展行为对企业创新融资约束的影响。研究发现:集群化发展程度越高,企业的创新能力越强,创新融资约束程度越低;在市场化进程低、政府干预程度高、法治环境差的地区,企业的创新融资约束越低,且民营企业的创新融资约束普遍高于国有企业。研究结论为战略性新兴产业自主创新能力的提升及创新融资政策的制定提供了经验依据。

This paper took China＇s new materials industry as the example empirically studied the relationship between the external institutional environment, internal cluster development behavior and financing constraints of innovation. Main findings and conclusions of this paper are as follows： in areas where the cluster development goes smoothly and efficiently, the companies possess more excellent innovative capability and experience less financing constraints of innovation. The lower market-oriented degree and the higher governmental intervention, there is less financing constraints of innovation; and compared with state-owned companies, the private companies are faced with more financing constraints. This study provides empirical evidence for strategic emerging industries on how to enhance the ability of independent innovation and innovative financing policies.