融资异质性如何影响中国制造业企业创新模式选择?

How does Financing Heterogeneity Affect the Choice of Innovation Mode of Chinese Manufacturing Enterprises?

在金融发展滞后的国家或地区,融资异质性已成为制约制造业企业从技术模仿走向自主创新的重要问题。本文利用2012年世界银行中国企业调查数据,研究企业融资约束与融资结构的异质性特征对创新模式选择的影响。结果表明:从融资约束异质性来看,较强的融资约束显著抑制了企业自主创新模式选择,迫使企业选择模仿创新。从融资结构异质性来看,内源融资对企业自主创新的促进作用相对模仿创新更强,而债权融资的抑制作用也相对更强;股权投资对企业自主创新具有一定的促进作用,且不利于企业模仿创新;非正规金融会抑制企业的自主创新。进一步研究发现,对于研发投入强度较高或地区金融发展水平较低的企业,其自主创新受到融资约束的负向影响更大,且更依赖于内源融资与股权融资,而受到债权融资与非正规金融的抑制作用也更明显。因此,需要进一步缓解企业创新的融资约束,扩大企业股权融资占比,降低债权融资与非正规金融占比,促进企业自主创新模式选择。

In countries or regions with lagging financial development,financing heterogeneity has become an important problem restricting manufacturing enterprises from technological imitation to independent innovation.This paper uses the 2012 World Bank China Enterprise Survey data to study the impact of heterogeneity of financing constraints and financing structure on the choice of innovation mode.The results show that from the perspective of heterogeneity of financing constraints,strong financing constraints significantly inhibit the choice of independent innovation mode and force enterprises to choose imitation innovation.From the perspective of heterogeneity of financing structure,endogenous financing has a stronger promoting effect on enterprises′independent innovation than imitative innovation,while debt financing has a stronger restraining effect;equity investment can promote the independent innovation of enterprises to some extent and is not conducive to the imitation innovation of enterprises;informal finance will restrain the independent innovation of enterprises.Further research shows that for enterprises with higher R&D input intensity or lower regional financial development level,their independent innovation is more negatively affected by financing constraints,and more dependent on endogenous financing and equity financing,and more inhibited by debt financing and informal finance.Therefore,it is necessary to further alleviate the financing constraints of enterprise innovation,expand the proportion of enterprise equity financing,reduce the proportion of debt financing and informal finance,and promote the choice of enterprise independent innovation mode.