金融低效、资本错配与异质企业两阶段创新

Financial Inefficiency,Capital Misallocation and Heterogeneous Firm Two-Stage R&D

通过对金融发展和异质企业创新阶段的特征进行描述发现,在我国金融发展增速较快的同时,从事创新决策的企业数量较少,资本错配使创新资金过度投入到创新效率较低的国有企业中,企业创新规模低是造成我国创新投入不足的主要原因。使用工业企业数据及地区金融发展指标,结合企业异质性特征,构建理论模型和Heckit模型进行实证检验,结果发现,由金融风险甄别功能缺失导致的金融低效使得金融发展不能有效参与到企业的创新决策过程中,降低了企业的最优创新规模;银行部门存在资本错配现象;股市发展和FDI与国内信贷产生互补性,可以缓解创新动力较强企业的投入不足问题。

Through characteristic depiction of financial development and heterogeneous firm RD stage, the article finds that,the growth rate of financial development is quick, the number of innovation decision-making firms is low; capital misallocation makes the capital overflow to the SOEs with low RD efficiency; the low scale of RD input is the reason for RD shortage in China. Based on the data of industrial firms and the index of financial development, combining with heterogeneous characteristics, we construct the theoretical model and Heckit model and find that, financial inefficiency caused by risk identification function deletion makes financial development not participate in the firm＇s RD decision process effectively and reduce its optimal RD scale; there is a capital misallocation phenomenon in bank sectors; the complementarity arising from stock market development and FDI and domestic credit can relieve the shortage of input in firms with more powerful RD incentive.