贸易信贷对企业技术创新的影响研究

Study on Impact of Trade Credit on Enterprises' Innovation

本文考察贸易信贷在中国企业技术创新中的作用,首先理论上分析了与银行贷款相比,贸易信贷为企业技术创新活动提供资金支持的相对优势,之后使用包含多样化企业异质性特征信息的微观企业调研数据,结合Heckman两阶段方法进行实证研究。引入行业外部融资需求特征,详细研究贸易信贷对不同行业企业技术创新活动的影响。研究结果表明:贸易信贷作为传统融资方式的重要补充,通过为企业提供资金支持,促进企业技术创新活动的开展,这种促进作用在企业技术创新活动的选择及实际投入阶段均显著。我们的研究同时证实了良好的金融生态环境和稳定的地区宏观政策更有利于贸易信贷促进企业技术创新活动。

In this paper we investigate the impact of trade credit on enterprises＇ innovation activities. Firstly, we set up a theoretical framework and analyze the comparative advantage between trade credit and bank credit in terms of providing financial liquidity for enterprises＇ innovation activities. Secondly, we employ Heckman two-stage estimation method to conduct empirical analysis. Based on World Bank enterprises investment climate survey, our results indicate that trade credit is an important supplement to traditional financing source. It stimulates enterprises＇ innovation activities. This promotion effect is statistical significant both in the selection and actual investment stage of enterprises＇ innovation activities. Our findings also confirm that a well developed financial ecological environment and consistent regional macro policies are beneficial to increase the positive impact of trade credit on enterprises＇ innovation activities.