融资约束影响企业创新的门槛效应--基于营商环境异质性的视角

The Threshold Effect of Financing Constraints on Enterprise Innovation——From the Perspective of Business Environment Heterogeneity

本文利用世界银行关于中国企业调查的微观数据,实证考察不同营商环境条件下融资约束对企业创新的影响。研究发现:融资约束会显著抑制企业创新,该抑制效应在小型企业、东部地区及服务业表现更加明显。基于整体的营商环境指标及市场环境、行政效率和政府关系三个细分指标的分析表明,不同营商环境下融资约束对企业创新的影响具有显著的门槛效应。在整体营商环境及行政效率、政府关系方面,营商环境较差时增加信贷支持会抑制企业创新,而在营商环境中等或优良的情况下,融资约束显著抑制了企业创新活动;在市场环境方面,无论环境优劣,融资约束都显著抑制了企业创新。最后,在实证分析基础上提出了改善营商环境、缓解融资约束、促进企业创新的政策建议。

Using the micro data of the World Bank survey on Chinese enterprises,this paper empirically studies the impact of financing constraints on enterprise innovation under different business environment conditions.The results are as follows:Firstly,financing constraints can significantly inhibit enterprise innovation,which is more obvious in small enterprises,eastern region and service industry.Secondly,based on the analysis of the overall business environment index,market environment,administrative efficiency and government relations,it is shown that financing constraints have significant threshold effect on enterprise innovation under different business environments.In terms of the overall business environment,administrative efficiency and government relations,increasing credit support will inhibit enterprise innovation when the business environment is poor,while financing constraints significantly inhibit enterprise innovation activities when the business environment is moderate or good;in terms of market environment,regardless of the business environment,financing constraints significantly inhibit enterprise innovation.Finally,based on empirical analysis,some policy suggestions are put forward to improve business environment,ease financing constraints and speed up enterprise innovation.