政府干预、金融错配与企业创新——基于制造业上市公司的研究

Government Intervention,Financial Mismatch and Enterprise Innovation——Research Based on the Listed Manufacturing Companies

本文建立了一个存在金融错配的厂商创新模型,并将政府干预引入模型,分析发现金融资源错配抑制了制造业企业的创新。而政府干预的影响是复杂的,取决于政府干预手段对企业的直接作用以及其通过影响金融资源配置对企业的间接作用,且这两种作用通常是相反的,即金融错配会削弱政府干预对企业创新的影响。本文运用2010~2016年间制造业上市企业的微观数据验证了上述结论,并且发现非国有企业和技术密集型产业具有更高的研发强度。指出加大对技术密集型产业和民营企业的金融资源配置和政府补助,加快竞争性国有企业行业改革等政策有助于促进企业的创新。

This paper establishes a manufacturer innovation model with financial misallocation and introduces government intervention into the model. The result shows that the mismatch of financial resources inhibits the innovation of manufacturing enterprises. While the impact of government intervention is complex and depends on the direct effect of government intervention on the firm and its indirect effect on the firm through the allocation of financial resources,both of which are often counterproductive. That is to say,financial misallocation would weaken the impact of government intervention on business innovation. This paper uses the micro-data of listed manufacturing companies from 2010 to 2016 to test and verify the above conclusions,also we find that non-state-owned enterprises and technology-intensive industries have a higher intensity of research and development. Which points out that increasing the allocation of financial resources and government subsidies to technology-intensive industries and private-owned enterprises and accelerating the reform of competitive state-owned enterprises can help to promote the innovation of enterprises.