金融发展、地方政府激励与企业技术效率

Financial Development,Local Government Incentives,and Enterprise Technical Efficiency

以2011~2016年战略性新兴企业为研究对象,并嵌入地方政府激励,探讨"金融发展—企业技术效率"的影响机制,研究发现,金融发展能显著促进战略性新兴企业技术效率,但在企业性质、企业规模及地区属性等方面具有异质性;特别地,政府面临创新压力激励与金融发展交互作用后,宏观层面上能推动经济可持续性发展,且能加速产业结构转型升级;微观层面上能缓解战略性新兴企业融资约束,提升战略性新兴企业偿债能力,助力战略性新兴企业发展。为更好地促进战略性新兴产业发展,应坚持更高水平的对外开放,完善多层次直接融资市场,构建充分竞争的金融市场环境,坚持创新发展理念。

This study takes strategic emerging enterprises from 2011 to 2016 as the research object and discusses the impact mechanism of"financial development-technical efficiency of enterprises,"while also allowing for local government incentive.The study has found that financial development can promote the technical efficiency of strategic emerging enterprises significantly;however,heterogeneity exists in terms of enterprise nature,enterprise size,and regional attributes.In particular,stimulus from the interaction of innovation pressure faced by the government and financial development can promote sustainable development of the economy at the macro level and accelerate the transformation and upgrading of the industrial structure;at the micro level,it can ease the financing constraints on strategic emerging enterprises and enhance the solvency of strategic emerging enterprises,thereby giving momentum to their development.To better promote the growth of strategic emerging industries,it is advisable to adhere to a higher level of opening up,improve the multilevel direct financing market,build a fully competitive financial market environment,and abide by the concept of innovative development.