金融生态环境、异质性债务与技术创新投资——基于我国制造业上市公司的实证研究

Financial Ecological Environment,Debt Heterogeneity and Technology Innovation Investment——An Empirical Research on Chinese Manufacturing Listed Companies

本文以2007~2011年的A股制造业上市公司为样本,研究不同金融生态环境下异质性债务对于技术创新投资的影响。本文继承并发展了异质性债务理论,创造性地将金融生态环境引入到了异质性债务的研究中,区分了"政府关系型债务"和"市场关系型债务"对于技术创新投资的不同影响。实证结果表明,良好的金融生态环境有利于改善债权人治理水平,促进"政府关系型债务"向"市场关系型债务"转变,增强关系型债务对技术创新投资的支持。具体来说,在金融生态环境较差地区,"政府关系型债务"比重与技术创新投资规模不相关;而在金融生态环境较好地区,"市场关系型债务"比重与技术创新投资规模正相关。随着金融生态环境的改善,国有上市公司、科技类上市公司、成立时间短的公司均会利用"市场关系型债务"扩大技术创新投资规模。

China has created the miracle of economic growth, at the expense of a large amount of resource consumption. Low cost is still the most important competitive advantage for Chinese enterprises. Yet this advantage is gradually weakening clue to the appreciation of the RMB, the rising prices along with the rising living standard （ Gilboy, 2004 ; Ning, 2007 ） , so the future of the so-called ＂China＇s growth model＂ must be built towards technological progress and innovation. Technical progress depends internally on a country＇s system and environment. Only by creating a good institutional environment can enterprises be motivated to improve the technological innovation a- bility, and there＇ s no doubt that financial ecological environment is one of the main system environment faced by enterprises. Financial ecological environment which includes legal environment, the culture of honesty and credit, the independence of financial sectors and social intermediary services is one of the main system environment faced by enterprises （Li Yang et al. , 2005 ）. As a result, financial ecological environment is helpful to explore the un- derlying reasons why Chinese listed companies lack technological innovation motivation. Using a sample of Chinese A-share listed company of manufacturing industry for the period 2007 -2011, this article analyses how debt heterogeneity infuences technology innovation investment under different financial ecological environment. We introduce financial ecological environment into the research of debt heterogeneity creatively and distinguish ＂government relational debt＂ from ＂market relational debt＂, thus inheriting and carrying forward the theory of debt heterogeneity. This paper also sets up the technological innovation investment index （ TII）, which includes technical intangible assets investment, IR＆D as well as technical transformation iinvestment. We find that a favorable financial ecological environment could improve the government capacity of relational debt and enhance support on technology innovation investment from relational debt by promoting the transition from ＂government relational debt＂ to ＂market relational debt＂. The ＂government relational debt＂ is irrelevant to technology innovation investment in an unfaw^rable financial ecological environment and the ＂market relational debt＂ is positive related to technolog innovation investment in a favorable financial ecological environment. The state-owned enterprises （SOEs） , high-tech firms and young firms should benefit from the improvement of financial ecological environment, thus making use of ＂market relational debt＂ to expand technology innovation investment. Most researches in developed countries hold that market-oriented financial system could motivate innovation, while bank-oriented financial system could hardly do the same （Brown, 2009）. To some extent, they magnify the role of the financial system, and ignore the influence of the financial ecological environment on technology innova- tion. This paper find that under the background of emerging and transition system, favorable financial ecological environment could still improve the support of relational debt for technological innovation, meanwhile alleviating the financing constraints in the field of technological innovation, which provides new evidence to solve financing problems of tech companies. Favorable financial ecological environment is not only beneficial to convenient financing and resource allocation which lead resources flowing towards tech companies and to social resource allocation opti- mization, but also to cuhivating social culture enviromnent and legal environment, to convenient information ex- change and risk diversification, consequently accelerating the pace of technological innovation achievements. We should start from improving the financial ecological environment, promote local financial development, improve the laws and regulations and foster nmrket intermedimy organizations, and raise public awareness of the intellectual property protection, so as to ease the financing constraints core competitiveness of the companies. in the field of technological innovation and promote the