技术创新推动企业去杠杆了吗?——影响机理与加速机制

Does Technological Innovation Advance Enterprise Deleveraging? Transmission Channel and Acceleration Mechanism

创新驱动已成为新常态下培育经济增长新动能、优化经济结构的关键。然而,技术创新通过怎样的路径影响微观结构调整,至今未得到系统性解答。文章研究了技术创新对企业去杠杆的作用。从影响机理看,技术创新通过强化企业市场竞争能力和调整成本对冲能力来调节企业杠杆水平,且该调节作用对过度杠杆企业表现为去杠杆效应,对杠杆不足企业表现为补杠杆效应。从加速机制看,一方面,政府补贴与税收优惠对技术创新产生激励作用,从而对杠杆率调整具有"加速"效应,且加速程度对不同所有制性质和不同成长能力的企业具有异质性;另一方面,行业整体的探索性创新和开发性创新水平越高,知识溢出效应越强,越有助于推动企业技术创新,因此行业创新水平能够显著加速企业去杠杆进程,且探索性创新的加速效应更强。文章证明了技术创新在去杠杆进程中的作用,揭示了政策激励、行业溢出等创新驱动因素对去杠杆的加速作用,丰富了创新驱动战略的微观财务学内涵。

Nowadays,Chinese economy is switching from ＂resource-dependent＂economic development mode to＂innovation-driven＂mode since growth driven by investment has further aggravated capital dependence and has resulted in a twisted financial market.While the demand for total investment in fixed assets continues to slope down,the speed of financial expansion does not weaken,resulting in a rise in leverage ratio from 98.1 percent to 170.8 percent and serious deviation of supply and demand between finance and the real economy.Under this circumstance,to develop an innovation-driven economy has been highlighted as a national strategy.Nevertheless,there is still little literature of how technical innovation adjusts micro structure of assets and liabilities and corrects macro financial distortion.This paper tries to make up the research gap above by answering the following questions：（1）can technical innovation help corporate de-leveraging？what is its mechanism？（2）can the catalysis（spillover）effect of industry innovation level on corporate technical innovation＂accelerate＂corporate leverage governance？does heterogeneity exist in the acceleration？（3）as policy incentive mechanism for innovation,do tax preference and innovation subsidies＂accelerate＂corporate leverage governance？does heterogeneity exist in the acceleration？ On the basis of a literature review of dynamic adjustment to capital structure,this paper firstly points out that the introduction of technical innovation into micro finance analytical framework is a necessary trend resulting from the transformation from random technical innovation to routine technical innovation.Secondly,by introducing the impacts of technical innovation on market competition ability and capacity governance ability of enterprises,this paper reveals micro logic of realizing enterprise leverage governance by technological innovation and proves that technical innovation has significant de-leveraging effects on over leveraged enterprises,and some cover-leveraging effects on less leveraged enterprises.Thirdly,by measuring innovation subsidies at firm level and estimating tax preference at exponential level,this paper examines how innovation subsidies and RD expenses plus pre-tax deductions accelerate enterprise leverage governance through catalyzing technical innovation,and proves that innovation subsidies play an acceleration role only in private enterprise deleveraging and tax preference accelerates only profit-making enterprise deleveraging.Finally,by measuring the whole levels of＂exploratory innovation＂and＂exploitative innovation＂of each high-tech industry,we prove that higher levels of industry＂exploratory innovation＂and ＂exploitative innovation＂give rise to stronger knowledge spillover effect,more stimulated enterprise innovation,and more prominent deleveraging effect of technical innovation acceleration effect of＂exploratory innovation＂. As for empirical approach,following Flannery and Rangan（2006）,this paper introduces target leverage rate into the dynamic adjustment process and employs SYS-GMM to solve the adjustment speed and optimal leverage rate,thereby verifying differentiated governance effect of technical innovation on static leverage rate.Furthermore,we also regard innovation subsidies,tax preference and industry innovation environment as determinants of adjustment speed of leverage rate,and incorporate them into the empirical model to make a cross-term analysis,proving the differentiated effect of environmental factors on leverage governance speed. The potential contributions of this paper are：（1）it analyses the governance effect of technical innovation on leverage rate,investigates the disturbance（acceleration）role of policy and industry as two innovation boosters in governance effect,and reveals micro finance connotation of enhancing innovation ability and improving innovation environment（innovation driven）.（2）By using the technical innovation as the transmission channel,this paper constructs a new relationship study between macro-economic environment（policy industry environment）and micro-enterprise behavior,and provides reference for the analysis and evaluation of effects and shortcomings of innovation incentive policy.