经济周期、政府信贷干预与企业技术创新——基于中国制造业上市企业的微观证据

Economic Cycle,Government Credit Intervention and Enterprise Technology Innovation——Micro Evidence Based on Listed Companies in China's Manufacturing Industry

文章选取2007-2016年我国制造业上市企业数据,实证经济周期对企业技术创新的影响,探讨政府信贷干预对二者关系的调节作用。研究表明:企业在经济衰退期的研发投入显著高于经济繁荣期,我国企业的技术创新存在逆周期特征,进一步,政府信贷干预会影响不同经济周期的企业技术创新水平,在经济繁荣期,政府信贷干预会加剧经济高增长期的企业自主创新负效应,在经济衰退期,政府信贷干预会降低经济低增长期的企业自主创新正效应。此外,国有企业与非国有企业、融资约束严重与不严重的企业受到政府信贷干预的影响程度不同。

So far it is still no definite conclusion about whether the technological innovation of enterprises is pro-cyclical or counter-cyclical,which may be related to the government’s monetary policy.Based on the data of listed companies in manufacturing industry in China from 2007 to 2016,this paper analyzes the impact of economic cycles on technological innovation, and discusses the moderating effect of government credit intervention on the relationship between the two parties.Empirical results show that R&D investment in the economic recession is significantly higher than that in the economic boom.It indicates enterprise technology innovation is counter-cyclical.Furthermore, government credit intervention affects the technological innovation of enterprises in different economic cycles.To be specific,in the economic boom period,government credit intervention will increase the negative impact of economic cycles on technological innovation;however,in the economic recession period,it will reduce the positive impact of economic cycles on technological innovation.In addition,state-owned enterprises and non-state-owned enterprises,enterprises with different degree of financing constraints are affected differently by government credit intervention.