产融结合能促进企业技术创新吗——来自上市公司参股非上市银行的证据

Can Industry & Finance Integration Promote Corporate Technology Innovation? Evidence from Listed Companies Holding Shares in Non-Listed Banks

从产融结合视角考察企业参股非上市银行对其技术创新的影响,发现参股非上市银行的企业具有更多发明专利和其他专利申请,表明参股非上市银行有助于增加企业技术创新数量并提升创新质量;相对于大企业和金融发展水平较高地区企业,小企业和金融发展水平落后地区企业参股非上市银行所带来的创新促进效应更为显著;进一步分析发现,参股非上市银行企业获得了更多的低成本银行贷款,表明参股非上市银行主要通过缓解融资约束途径影响技术创新;此外,参股非上市银行所引致的技术创新有助于增强企业经营绩效。

From the perspective of industry and finance integration, this paper investigates the effect of enterprises holding shares in non-listed banks on their technical innovations. It is found that the enterprises holding shares of the non-listed banks have more patents for innovations and other patent applications, indicating that holding shares of non-listed banks can help to increase the number of corporate technical innovations and improve the quality of the innovations;compared with the big enterprises and the enterprises located in regions with higher level of financial development, small enterprises and the enterprises located in the regions with lower level of financial development will have more significant effects of innovation when holding shares of the non-listed banks;further analysis finds that firms holding shares in non-listed banks can get more bank loans with lower costs, suggesting that holding shares in non-listed banks can affect the technical innovation mainly through relieving financing constraints. Besides, the technical innovations resulted from holding shares in non-listed banks can improve the corporate operational performance.