融资约束对企业创新的影响——基于中国工业企业数据的经验证据

The Influence of Financing Constraints on Enterprise Innovation——Empirical Evidence Based on Data of Chinese Industrial Enterprises

创新是引领发展的第一动力,企业是创新的主体,考察其创新活动的影响因素具有重要意义。本文首先构建了纳入信息不对称的理论模型,刻画了融资约束对企业创新活动的影响机制。然后以金融市场发展和企业创新能力不断提升过程中的微观企业数据为样本,利用中国工业企业数据库和专利数据库的匹配数据,实证分析了融资约束对企业创新决策和创新成果的影响。本文结果显示,融资约束显著抑制了企业的创新决策,同时也降低了企业创新成果数量。对于创新活动更为活跃的高技术企业,融资约束并未明显影响其创新决策,但是抑制了其创新成果数量。本文基于以上结论提出了政策建议。

Innovation is the first driving force to lead the development.As the main body of innovation,it is of great significance to investigate the influencing factors of enterprrises innovation activities.Firstly,this paper constructs a theoretical model incorporating information asymmetry,and describes the impact mechanism of financing constraints on enterprise innovation activities.Then based on the micro data of enterprises in the process of the development of financial market and the improvement of enterprise innovation ability,this paper empirically analyzes the impact of financing constraints on enterprises’innovation decision-making and innovation achievements by using the matching data of industrial enterprise database and patent database.The results show that the financing constraints restrict the innovation decision-making of enterprises and reduce the number of innovation achievements.For high-tech enterprises with more active innovation activities,financing constraints do not significantly affect their innovation decisions,but reduce the number of innovation achievements.Based on the above conclusions,this paper puts forward some policy suggestions.