异质债务、金融配给与研发投入——基于金融供给侧结构性改革视角

Heterogeneous Debt,Financial Rationing and R&D Investment-From the Perspective of Financial Supply-side Structural Reform

面对新时代创新引领高质量发展的要求,本文立足中国金融体系的发展现实,从债务融资与研发投入关系出发,探讨金融供给侧结构性改革的方向。利用沪深A股上市公司面板数据,基于异质债务与金融配给视角,通过回归分析与动态效应估计,识别企业创新的债务融资约束。研究发现:债务融资难以支持企业研发投入,信息不对称是重要制约因素。基于异质债务视角,债务融资渠道不畅来源于银行贷款与债券融资阻碍,导致企业更多转向非正式商业信用。基于金融配给机制,动态检验所有制歧视与技术风险规避两种假说,发现信贷融资的技术风险规避倾向更为明显,并在细分行业得到验证。新时代推进金融供给侧结构性改革,要拓宽企业债务融资渠道,侧重改善技术风险规避型金融错配,让金融活水真正流向创新领域。

Faced with the requirements of high-quality development in the new era,the paper explores the direction of financial supply-side structural reform from the perspective of the effect of debt financing on R&D investment based on the reality of China’s financial system.Using the panel data of A-share listed companies,this paper focuses on identifying the debt financing constraints of enterprises innovation from the perspective of financing channels and financial rationing,through regression analysis and dynamic effect estimation.The paper finds that debt financing is difficult to support corporate R&D investment,and information asymmetry has become important constraint.From the perspective of heterogeneous debt,the unavailability of debt financing comes from the obstruction of bank loans and bond markets,which has led enterprises to shift more to informal commercial credit.Furthermore,as for the financial rationing mechanism two hypotheses are tested dynamically.The paper finds that the tendency of technology risk avoidance in debt financing is more obvious,and it is verified in the high-tech segments.Therefore,to promote structural reforms on the financial supply side in the new era,corporate debt financing channels should be expanded and financial mismatches of technology risk aversion should be improved to finance innovation sector effectively.