银行业结构与企业创新活动的融资约束

Banking Structure and Financing Constraint of R&D Investment

金融市场如何支持企业的R&D融资一直是理论和实务界的一大难题,也是我国建设创新型国家过程中亟待研究的问题。本文基于我国银行业竞争性同时表现在中小银行与四大行之间、传统的国有银行和新兴的商业银行之间的现实背景,探讨了银行竞争性的市场结构对于企业R&D融资约束的影响和作用机理。我们以2002-2009年A股上市公司为样本,得出:银行业竞争性的市场结构有助于缓解企业R&D投资的融资约束,该影响分别在民营、高科技、小型企业中表现更加显著。本文为理解金融发展与经济增长之间的关系提供了新的视角,也为制定企业R&D投资贷款政策提供参考。

Whether enterprises＇ R＆D investment can receive adequate funding from financial market is receiving much attention from both academic field and practice field. In addition, it＇ s also an essential question in building an innovationoriented country. This paper theoretically demonstrates how competitive market structure of banks can influence R＆D financing constraints, based on real situation in China that competition are found between small and medium - sized banks and the big four state - owned banks and emerging commercial banks. We use listed firms in Chinese A - share stock market from 2002 to 2009 as sample, and make conclu- sions that competitive banking structure can help to ease R＆D investment financing constraints and this influence is more significant in small, private and high - teeh firms. This paper can contribute to understanding how financial development promotes economic growth and establishing related policy.