金融市场分割的研发效应及企业差异

Effect and Enterprise Differences of Financial Market Segmentation on R&D Investment

作为中国金融抑制的一项典型特征,金融市场分割已成为制约中国企业研发投入及其创新能力提升的重要因素。本文以正规与非正规金融市场的利率分割为主要切入点,在详细阐述其对企业研发投入影响机理的基础上,采用2005—2016年中国省际非平衡面板数据,利用动态面板系统矩估计方法,实证考察了金融市场分割对研发投入的影响及企业差异。研究发现:金融市场分割显著抑制了企业研发投入的增长;同时,金融市场分割对研发投入的抑制效应在规模较小、经济绩效较差或外向度较低的企业中更加显著。因此,全面推进中国金融市场化以及适当调整企业规模等企业特征,对于规避金融市场分割对研发投入的抑制效应、促进中国创新能力提升具有重要的理论意义与实践价值。

As one of the typical characteristics of China’s financial repression,financial market segmentation has been an important factor which restricts the R&D investment of enterprise and the innovation capability of China.Based on the segmentation of interest rates in the formal and informal financial markets,it expounded the mechanism of its influence on the enterprise R&D investment,and constructed a dynamic panel model by China’s inter-provincial unbalanced panel data during the period from 2005 to 2016,and then empirically studied the influence of financial market segmentation on enterprise R&D investment.The results show that financial market segmentation significantly inhibites the growth of R&D investment.Further studies finds that for the enterprises of small scale,poor economic performance or low export-oriented,the negative impact of financial market segmentation on enterprise R&D investment is more significant.Therefore,promoting comprehensively the development of China’s financial market and changing appropriately enterprise size have important theoretical and practical significances to enhance enterprise R&D investment and promote China’s innovation ability.