融资成本差异与企业创新:理论分析与实证检验——基于国有企业与民营企业的比较研究

The Financing Cost Difference and Enterprise Innovation:Theoretical analysis and Empirical test

基于融资成本差异视角,构建了民营企业与国有企业创新均衡模型,发现国有企业虽然获得了较低的融资成本,但国有企业创新产出效率反而比民营企业低。通过对我国2005-2011年工业企业面板数据进行实证研究发现,企业融资成本差异过大对企业创新绩效有明显的抑制作用。因此,整治与改革融资环境,缩小企业体制性融资成本差异,充分发挥竞争机制的作用,才是激发我国企业创新动力的有效途径。

The lack of motivation is a common problem in enterprise innovation .From the perspective of financing cost differences ,constructed an enterprises innovation equilibrium model ,found that state‐ow ned enterprises obtained low er fi‐nancing costs ,but more efficient in innovation output efficiency .By using the panel data on Chinese industries during 2005‐2011years ,the empirical results showed that financing costs difference has a significant inhibitory effect on the overall per‐formance of enterprise innovation .Thus ,reform financing environment ,reducing financing cost differences caused by differ‐ent system ,giving full play to the role of competition mechanism ,are the effective ways to stimulate enterprise innovation .