摘要
本文基于中国工业企业库和专利数据库,利用2006-2008年中国证券市场资本化总额占比的快速上升和企业风险特性的差异,探讨了金融结构和金融发展对企业创新的影响。实证结果表明,市场主导程度更高的金融结构,而非更大的金融市场总体规模,通过缓解外部融资依赖程度更高行业中的私有企业的融资约束,显著促进了高风险私有企业的创新。以上实证结果并非由金融体系特征变化前的时间趋势所驱动,并对遗漏变量等问题保持稳健。本文对于深入理解转型升级,构建支持企业创新的金融体系具有重要政策含义。
Based on the Annual Survey of Manufacturing Firms and the Patents Dataset of China, this paper employs the rapid increase of stock market capitalization ratio during 2006一2008 and the diversity in risk features of different firms to investigate the impact of financial structure and financial development on corporate innovations. Empirical results demonstrate that a more market-based financial structure, rather than the overall scale of the financial market, boosts the innovation of risky private firms and firms in in dustries with a greater dependence on external finance.Such results are not driven by the pre-treatment trend and are robust to the omitted-variable problems. This paper contributes to the understandings of in dustrial upgrading and has rich policy implications for the construction of a financial system which will pro mote the corporate innovation capabilities.
作者
陈陶然
谭之博
CHEN Tao-ran;TAN Zhi-bo(Institute of World Economy, Shanghai Academy of Social Sciences;School of Economics, Fudan University)
出处
《经济理论与经济管理》
CSSCI
北大核心
2019年第7期49-60,共12页
Economic Theory and Business Management
基金
国家自然科学基金青年科学基金项目“促进企业创新的金融市场特征研究:基于金融结构与互联网金融发展的视角”(71603057)
教育部人文社会科学重点研究基地重大项目“垂直专业化视角下中国贸易发展的世界效应研究”(16JJD790010)
复旦大学理论经济学Ⅰ类高峰计划学术前沿系列“贸易冲击与企业创新研究”的资助
关键词
金融结构
风险
企业创新
financial structure
risk feature
corporate innovations
