融资约束条件下技术创新影响企业高质量发展的动态特征

The Dynamic Characteristics of Technological Innovation Affecting the High-Quality Development of Enterprises under the Constraints of Financing

转变经济发展方式必须着眼于企业的高质量发展,技术创新是实现企业高质量发展的根本路径。在不同条件下,技术创新对企业高质量发展的影响不同,而且存在不同的时滞效应。特别是在融资约束条件下,企业创新融资难可能提高创新成本,降低企业发展质量;企业创新融资难也可能选择见效快或高质量的创新,提升短期发展质量;因此,融资约束条件下技术创新影响企业高质量发展的动态特征可能发生变化。采用扣除资本机会成本的经济增加值率测度企业发展质量,利用2007-2017年A股上市公司数据,实证检验发现:技术创新显著抑制当期企业发展质量提升,显著促进企业高质量发展的作用明显滞后;融资约束下,技术创新显著提高当期企业发展质量,没有显著影响一期后的企业发展质量,显著抑制二期后的企业发展质量提高;企业的一些异质性可以反映融资约束程度,按企业规模、成立时间、资产负债率以及KZ指数将样本分成融资约束高低组检验,进一步验证了上述结论;从行业异质性如市场竞争程度及行业技术水平视角对样本进行分组检验表明,市场竞争程度高或高技术行业的样本中融资约束下技术创新提升了当期企业发展质量,市场竞争程度较低或非高技术行业的样本中融资约束下技术创新提升了一期后的企业发展质量,但是无论竞争程度以及技术水平高低,融资约束下技术创新均无助于二期后的企业发展质量提升。

The transition of economic development mode must focus on the high-quality development of enterprises, and technological innovation is the fundamental path to improve the quality of enterprise development. Under different conditions, technological innovation has different effects on the quality of enterprise development, and there are different time lag effects. Especially under the constraints of financing, it is difficult for innovative companies to obtain financing, which may increase the cost of innovation for enterprises. As a result, the quality of enterprise development will reduce. Enterprises may also choose innovations with high efficiency or high quality to improve the quality of short-term development. Therefore, the dynamic characteristics of technological innovation affecting the development quality of enterprises under the constraints of financing may change. Using the economic value-added rate of capital opportunity cost to measure the quality of enterprise development, and using the data of A-share listed companies from 2007 to 2017, the empirical tests found that technological innovation significantly inhibits the current development quality of the enterprise, significantly improved the enterprise development quality, but the promotion effect was significantly delayed. Under the constraints of financing, technological innovation significantly improved the current development quality of the enterprise, did not significantly affect the development quality of the enterprise after the first period, significantly inhibited the development quality of enterprise after the second period. Some heterogeneity of the enterprise can reflect the degree of financing constraints, according to the scale of the enterprise, the establishment time, the asset-liability ratio and the KZ index, we divide the sample into groups with high and low financing constraints to further verify the above conclusions. In the sample of high market competition or high-tech industry, under the constraints of financing technological innovation has improved the current quality development of the enterprise;in the sample with low market competition or non-high-tech industry, technological innovation under financing constraints improves the quality of enterprise development after the first period;however, regardless of the level of competition and the level of technology, technological innovation under the constraints of financing significantly inhibits the quality of enterprise development after the second period.