利率市场化对企业技术创新的驱动效应研究——异质性特征、微观机理与政府激励解构

Research on the Driving Effect of Interest Rate Marketization on Enterprise Technology Innovation:Heterogeneity,Micro-mechanism and Government Incentive

基于2007—2017年中国沪深A股上市公司数据集,实证检验利率市场化对企业技术创新的影响及其机制。研究发现,利率市场化对企业技术创新具有显著的正向驱动作用。从机制来看,利率市场化既能纾解企业融资约束、刺激研发投入增加,又能减轻“脱实向虚”,从而为技术创新活动提供良好条件。特别地,利率市场化改革同地方政府激励密切相关。在地方政府“为增长而竞争”的激励影响下,利率市场化仅能带来低质量创新“泡沫”;在“为创新而竞争”的激励下,利率市场化能够驱动企业创新能力全面提升。想要契合创新驱动转型战略,既要坚定不移实施利率市场化改革,更应调整政府的制度激励结构,提升政府与市场的双向匹配度。

This article empirically tests the impact of interest rate marketization on corporate technological innovation and its mechanism based on the 2007-2017 China Shanghai and Shenzhen A-share listed company data set.The study found that interest rate marketization has a significant positive driving effect on corporate technological innovation.From a mechanism point of view,interest rate liberalization can not only relieve corporate financing constraints,stimulate increased R&D investment,but also reduce the“detachment from reality”,thereby bringing benefits to technological innovation activities.In particular,the reform of interest rate marketization is closely related to local government incentives.Under the influence of local governments’“competition for growth”incentives,interest rate marketization can only bring about low-quality innovation“bubbles”;and under the“competition for innovation”incentives,interest rate marketization can drive the overall improvement of corporate innovation capabilities.In order to fit the innovation-driven transformation strategy,it is necessary to unswervingly implement the reform of interest rate marketization,but also to adjust the government’s institutional incentive structure to improve the two-way matching degree of government and market.