金融发展、融资约束与企业创新

Financial Development,Financing Constraint and Corporate Innovation

金融发展如何促进企业创新是金融发展理论的基本问题,也是促成中国经济转型的现实问题。基于世界银行中国企业数据,考察金融发展和融资约束对企业创新的影响。研究发现,融资约束是企业创新的显著阻碍,而金融发展能显著促进企业创新。进一步地,区分创新路线异质性发现,融资约束对独立创新或产学研协同创新具有阻碍作用,对产业链协同创新不存在显著关系;金融发展有利于独立创新,对协同创新没有显著促进。区分企业异质性发现,融资约束的阻碍作用对中小企业和民营企业尤甚,对大型企业或国有和外资企业影响较小;但是,金融发展对大型企业的促进却强于中小企业,同时对民营企业和出口企业的正向影响更强。

The issue of how financial development promotes corporate innovation is a basic matter of financial development theory and a crucial point facilitating economic transformation in China.Based on the data of China’s enterprises from World Bank Enterprise surveys,this paper examines the impact of financial development and financing constraints on corporate innovation.The results show that financing constraints significantly hinder corporate innovation;however,financial development can significantly promote corporate innovation.In a further step,it is found that financing constraints have a hindrance to enterprises’choices of independent innovation or collaborative innovation among industry or university through differentiating the heterogeneity of innovation methods,while it has no remarkable impact on enterprises’choices of industrial chain collaborative innovation.Financial development plays an important role in promoting independent innovation,but has no significant impact on promoting collaborative innovation.By way of differentiating the heterogeneity of enterprises,it is shown that the hindrance of financing constraints is particularly significant for SMEs and private enterprises,and has less impact on large enterprises or state-owned and foreignfunded enterprises;however,financial development has been more effective in promoting large enterprises than SMEs.Meanwhile,it has a stronger positive impact on private and export enterprises.