融资歧视与中国企业的技术创新——基于微观企业数据的Probit检验

Financing Discrimination and Chinese Firms' R&D Activity:A Probit-Model Examination of Firm-level Data

以我国经济中不同所有制企业间的融资成本系统性差异为切入点,分析了这种融资歧视对不同类型企业研发创新动机产生的抑制作用;在此基础上,进一步利用2005-2007年中国工业企业微观数据构建了基于面板的二元选择模型,验证了企业融资成本及融资歧视对企业研发创新活动的影响。结果表明:相对于企业的融资成本约束,公平的融资制度环境是激发企业研发活动更为重要的因素;而通过放松对民营企业的体制性束缚来降低民营企业的融资成本是缓解经济中的融资歧视现象,激发企业研发动机的关键。

From the view that enterprises of different ownership have systematic difference in financing cost,this paper analyses the depressive affection of the financing discrimination on the motivation of RD activity theoretically.Based on this analysis,we establish a probit model to examine the affection of financing cost and discrimination on RD activity,using the panel data of industrial enterprises in China from 2005to 2007.The results show that the fair financing environment is more important in stimulating the RD activity for firms than just relaxing the constraint of financing cost;the key factor of the remission of financing discrimination and the incentive of RD is reducing the financing cost of private enterprises by the way of relaxing the institutional constraint.