融资模式会影响企业技术创新吗?——来自世界银行中国企业调查数据的经验证据

Do the Financing Patterns Affect Innovation?: Empirical Evidences from the World Bank Survey of Chinese Enterprises

本文采用世界银行中国企业调查数据,从创新投入和创新产出两个维度刻画企业技术创新决策,运用Probit模型和Tobit模型考察银行信贷、股权融资和内源融资等各类融资模式对微观企业技术创新决策的异质性作用,甄别信贷市场环境和企业规模约束下的适宜性融资模式以促进企业技术创新。研究显示:内源融资对企业技术创新的影响受信贷市场环境所约束,在信贷市场不完善的地区,技术创新对内源融资的依赖度更高。而外源融资能够有效促进企业技术创新,且银行信贷的正向影响最为显著。这是由于我国大多数企业的技术创新仍停留在技术模仿阶段,模仿创新耦合于固定资产设备的引进。低风险特征和抵押物的可得性使模仿创新能够得到银行信贷的有效支持。基于信息不对称和规模经济的差异,融资模式对于不同规模企业技术创新存在异质性影响,银行信贷对小微企业的技术创新具有显著的促进作用。结论在采用倾向得分匹配方法(PSM)弱化模型的内生性问题后依然稳健。本文的研究结论对于促进中小银行支持民营企业和小微企业技术创新具有较为重要的政策含义。

This paper uses the data from the World Bank Survey of Chinese Enterprises and measures innovation decisions from two dimensions:innovation input and output.Using Probit model and Tobit model to investigate the impact of bank credit,equity financing and internal financing on innovation and identifying the appropriate financing patterns under the constraint of the credit market environment and the enterprise scale to promote innovation.We find that the impact of internal financing on innovation is constrained by the credit market environment.Innovation is more dependent on internal financing in areas where credit markets development is imperfect.At the same time,external financing can promote innovation effectively and the positive impact of bank credit is the most significant.This is because the innovation of most enterprises in China still stays at the stage of imitation,and the imitation is coupled with the introduction of production equipment and fixed assets.Low-risk and the availability of collateral enable imitation to be supported by bank credit effectively. Based on the differences of information asymmetry and economies of scale,the financing patterns have a heterogeneous impact on innovation for enterprises in different scales.Bank credit has a significant role in promoting the innovation of small and micro enterprises.The conclusions are still robust after using the propensity score matching method(PSM) to weaken the endogeneity of the model.The conclusions of this paper have important policy implications for strengthening small and medium-sized banks to support private enterprises and small and micro enterprises’innovation.