区域金融发展、融资约束与企业技术创新投入

Regional Financial Development,Financing Constraints and Enterprises’input in Technology Innovation

为了探究企业技术创新投入活动可持续性的关键影响因素,从区域金融发展程度、融资约束及融资渠道三个维度,探究宏观金融发展、融资约束程度对企业技术创新投入活动的作用机理、企业面临技术创新投入活动的融资约束及其融资路径的选择偏好问题。研究发现融资约束对技术创新投入会产生持续性的抑制效应,而且该抑制效应的持续期间为四年,在考虑了上市企业规模的异质性和企业融资约束程度的差异性后,该抑制效应仍然不变,而且在规模大和受融资约束程度较高的企业中,该抑制效应更加显著;区域金融发展对企业的融资约束程度具有缓解效应。区域金融的发展程度越高,金融市场发展越完善,市场竞争越激烈,企业更容易获得外部资金的支持,进而能够有效缓解企业的融资约束难题;区域金融发展产生了调节效应,即区域金融的发展减轻了融资约束对企业技术创新投入的抑制效应;进一步分析发现,企业为了技术创新活动进行项目融资时,对融资渠道的选择存在偏好性。总体而言,进行技术创新投资时首先选择内源性融资渠道,然后才是外源性融资渠道;具体而言,企业对融资渠道的选择因企业规模不同和融资约束程度而存在差异化;更有意义的发现是,在区域金融发展调节效应的作用下,驱动企业进行技术创新投入的融资渠道由内源性融资转变为外源性融资。

In order to explore the key influencing factors of the sustainability of enterprises’technological innovation input activities,this paper explores the mechanism of macro financial development and financing constraints on enterprises’technological innovation investment activities from three dimensions of regional financial development degree,financing constraints and financing channels,as well as the financing constraints faced by enterprises in technological innovation investment activities,and the selection preference of financing paths.The results show that:(1)Technological innovation input is restrained by financing constraint,and the inhibition effect has a inhibition effect for at least 4 years.(2)Regional financial development can alleviate the financing constraint of enterprises.(3)The regional financial development has produced a regulatory effect,that is,the development of regional finance reduces the inhibition effect of financing constraints on the technological innovation investment of enterprises;(4)Further It is found that when enterprises finance projects for technological innovation activities,they prefer to choose financing channels.Generally speaking,when investing in technological innovation,they first choose endogenous financing channels,then external financing channels;specifically,enterprises’choice of financing channels varies with the size of enterprises and the degree of financing constraints;(5)More intentional Under the regulatory effect of regional financial development,the financing channels driving enterprises to invest in technological innovation have changed from endogenous financing to exogenous financing.