摘要
基于我国市场制度背景,本文以2010-2014年高新技术上市企业为样本,运用SA指数作为融资约束代理变量,采用分组回归分析的方法检验企业外部区域市场化程度差异对融资约束与企业技术创新的影响。结果表明:市场化进程对融资约束与企业技术创新水平的负相关关系起加强作用;市场化进程较高的地区政治干预减少,非国有上市公司比国有上市公司的融资约束与技术创新的相关关系更显著;市场化进程较低的地区,由于存在国有控制特殊性,国有上市公司对这种影响的弹性更大,表现为国有上市公司融资约束的存在降低了技术创新水平。
Based on the background of market system and taking the empirical data of listed high-tech companies in China in 2010-2014 as samples,this paper studied the influence of differences level of enterprise external area marketization on financial onstraints and enterprise technology innovation with SA indicators which present the financial constraint and the method of grouping regression analysis. Research showed the marketization process strengthened the negative correlation between financial constraints and innovation; in the regions of higher marketization process,which are affected by weak government intervention,the non-state-owned listed companies showed a higher correlation with financial constraints and enterprise technology innovation than the state-owned listed companies; in the region of lower marketization process,due to the control of state-owned,state-owned listed companies present the more resilient facing the influence because the financial constraints reduced the lower level of technology innovation.
出处
《商业研究》
CSSCI
北大核心
2017年第1期49-56,共8页
Commercial Research
基金
河南省高等学校重点科研项目"资金链视角下的河南省制造业融资约束问题研究"
项目编号:16A630036
关键词
市场化进程
融资约束
技术创新
marketization process
financial constraints
technology innovation
