银行融资依赖与民营企业创新能力——基于中国企业家调查系统数据的实证研究

Study on External Financing Structure Effects on Innovation Mechanism of Private Enterprises

本文主要探究企业在外部融资过程中所形成的对银行的依赖程度与创新能力之间的关系,并利用中国企业经营者问卷跟踪调查数据库作为样本进行实证分析。结果表明,民营企业对银行的依赖程度越高,企业的创新能力越受到抑制。特别地,在高新技术行业,由于企业自身的高风险特质以及信息高度不对称性,银行对企业创新能力的制约作用更加明显。不过,当非银行金融机构持股比例较高时,民营企业对银行的依赖程度与创新能力之间的负相关关系反而得到一定程度的缓解。结论表明现阶段不平衡的外部融资结构已经制约了企业创新能力的发展,对应于理论分析,本文提供了相应的政策建议。

Different from the previous researches about financing issue of private enterprises,this paper shifts the perspective from internal financing to external financing structure,mainly to explore the relationship between the degree of dependence on banks and the innovation ability of enterprises in the form of external financing process. Taking the 2010 China enterprise entrepreneurs questionnaire survey database as a sample of empirical analysis,the results show that private enterprises more dependent on banks are more likely to be inhibited in terms of innovation ability. In particular,in the high-tech industry,the negative effect that banks pose on enterprises＇ innovation ability is more obvious due to the high risk characteristics of high-tech enterprises and their asymmetry. However,with much higher shareholding ratio of the non-bank financial institutions,the negative relationship between the dependence on banks and the innovation ability of the private enterprises has eased to some extent. Finally,this paper provides some corresponding policy recommendations with the purpose of helping private enterprises to reduce dependence on banks,and weaken the dependent effects on enterprise＇s innovation ability.