利率市场化、信贷资源配置与企业技术创新——基于上证A股企业的实证分析

The Marketization of Interest Rate,Allocation of Credit Resources and Technological Innovation of Enterprises——An Empirical Study of Enterprises Based on Shanghai Stock Market

管制利率限制了信贷业务自主定价过程,导致信贷资源在企业技术创新投资和固定资产投资活动之间的错配.研究利率市场化对企业技术创新信贷资源约束的影响对我国经济由要素驱动向创新驱动转型的进程具有重要意义.该文采用系统GMM估计方法,通过2013—2016年A股非银行类上市公司样本数据研究利率市场化对企业技术创新信贷资源约束及固定资产信贷资源约束的影响;并在不同企业属性及行业特征企业之间对这种影响进行差异化分析.研究发现:利率市场化有利于缓解企业技术创新信贷资源约束,但对固定资产信贷资源约束无显著影响;利率市场化有利于优化信贷资源在不同企业产权属性及行业特征的企业之间的配置,主要表现为缓解了民营企业和高科技行业企业的信贷资源约束.

Regulated interest rate limits the independent pricing process of credit business,leading to the mismatch of credit resources between technological innovation investment and fixed asset investment.It is of great significance to study the influence of interest rate marketization on the constraint of technological innovation credit resources for the transformation of China′s economy from factor driven to innovation driven.In this paper,the systematic GMM estimation method is used to analyze the impact of interest rate marketization on the credit resource constraints of technological innovation and fixed asset credit resource constraints of A-share non-bank-listed companies in 2013-2016,and the difference between enterprises with different enterprise attributes and industry characteristics is analyzed.The results show that interest rate marketization is conducive to easing the credit resource constraints of technological innovation of enterprises,but has no significant impact on the credit resource constraints of fixed assets,and interest rate marketization is conducive to optimizing the allocation of credit resources among enterprises with different property rights and different industries,mainly in relieving the credit resource constraints of private enterprises and high-tech industry enterprises.