金融发展、企业研发融资约束缓解与全要素生产率增长——来自中国工业企业层面的经验证据

Financial Development,Enterprise R&D Financing Constraint Ease and Total Factor Productivity Growth :Empirical Evidence from China's Industrial Level

本文对G-S模型进行拓展,从理论层面刻画了金融发展通过缓解企业的研发融资约束来提升企业的全要素生产率的作用机理,采用2005-2007年中国工业企业数据,验证了G-S模型的理论预期。同时,本文研究发现:若不考虑金融发展的融资约束缓解效应,研发对企业的全要素生产率并没有表现出预期的促进作用;较之于国有、外资企业等,金融发展在缓解私营企业的研发融资约束进而推动其全要素生产率的增长上扮演着更为重要和显著的角色;分地区估计表明,金融发展的融资约束缓解效应在东部最为显著,在西部则最弱。这表明在深化金融体制改革的基础上消除基于所有制性质的信贷歧视并协调区域金融发展差异,应成为我国进一步转变经济发展方式的题中应有之义。

Through expanding the G-S model, this paper illustrates the mechanism of financial development promoting enterprise TFP growth rate by easing R＆D financing constraints. Based on the data from CASIF database over the period of 2005-2007, this paper justifies the theoretical prediction of the G-S model Meanwhile several findings are included in this paper： Firstly, if the effect of easing financing constraints from financial development is not taken into account, R＆D does not promote TFP as predicted; Secondly, as for state-owned enterprises and foreign-funded enterprises, financial development plays a more important and significant role in easing financing constraints on R＆D expenditures thus promoting TFP growth in comparison with SOEs and FIEs; Thirdly, sub-regional estimations suggest that the effect of financial development on easing financing constraints in the eastern regions is of the most significant, followed by the central, and the least significant in the western of China. The conclusion indicates that eliminating credit discrimination between ownerships and coordinating financial development in different regions on the basis of deepening the financial system reform should be reckoned as the essentials for China＇s further changing its mode of economic development.