我国创新资本错配的深层原因及对策

Reasons and Countermeasures of China's Innovation Capital Misallocation

创新资本错配是影响我国企业创新的重要制约因素,在当前货币资本供给绝对充裕的情况下,为何还存在这种现象,其背后深层原因究竟是什么。从宏观、中观和微观3个层面作了深入探讨,认为市场出清难、融资结构失衡和创新不确定性是主要原因,并提出五个相应对策,以期化解我国"创新资本错配"这一难题,深化供给侧结构性改革和促进企业创新活动持续升级。

Innovative capital misallocation is one of the important reasons to affect enterprise innovation in china.Why does the phenomenon of capital misallocation exist while the supply of monetary is enough？What is the truly reason in the behind？This paper study this problem from macro-level to micro-level,find out three main reasons including the difficulty of clearing the market,the unbalance of financing structure and the uncertainty of innovation.We provide five methods to tackle with these problems,hope that these methods can advance the supply-side reform and promote the activities of innovation in China.