融资方式与创新:来自我国制造业R&D的证据

Financing Methods and Innovation: Evidence from R&D in China's Manufacturing Industries

本文研究融资方式——直接融资市场和间接融资市场的融资——对制造业R&D的影响。实证结果表明,间接融资市场的融资并未显著影响制造业R&D,这与Allen等(2005,2008,2012)的结果相同。相反,直接融资市场的融资对制造业的创新有促进作用——提高小型和私营企业的R&D强度——这与Allen等的文章的结果不同。另外,外部金融依赖度更大的行业易受金融市场发展的影响;直接融资市场的融资有利于我国东部地区企业的创新,但不利于中、西部地区企业的创新。

This paper investigates how financing methods,in terms of financing from the direct financing market and the indirect financing market,affect R&D of manufacturing industries in China. The empirical results show that financing from the indirect financing market has no significant effect on R&D,which is the same as the conclusion of Allen et al.( 2005,2008,2012). On the contrary,financing from the direct financing market raises the R&D intensities of small enterprises and private enterprises,this is different from Allen's results. In addition,the industries that are more dependent on external finance are more vulnerable to financial market development. And financing from the direct financing market stimulates the enterprise innovation in eastern China,but does not in the central or western regions of China.