外币债务融资促进企业创新了吗?——来自中国上市公司的经验证据

Has Foreign Currency Debt Financing Promoted Corporate Innovation? Empirical Evidence from Chinese-Listed Companies

降低创新成本,增加创新资本供给是激励企业创新发展的关键。与已有文献探讨内外部融资来源、债务工具结构对企业创新的影响不同,本文从企业外币债务融资的角度,利用2014—2020年我国A股上市公司数据,探究外币债务融资与企业创新之间的关系及作用机制。研究发现,外币债务融资能显著促进企业创新;降低债务融资成本和缓解企业融资约束是形成外币债务融资创新促进效应的主要原因;外币债务融资在融资需求较高企业、高技术行业企业以及在人民币汇率升值的情况下更能促进企业创新。本文丰富了外币债务融资对企业创新水平的影响研究,为我国外汇体制改革、资本跨境监管以及提升金融服务实体经济能力提供了理论借鉴。

Reducing the cost of innovation and increasing the supply of innovation capital are the key to promote enterprises innovation. Different from the existing literature to discuss the impact of company financing sources and debt tool structure on enterprise innovation, this paper, from the perspective of the foreign currency debt financing, taking A-share listed companies in 2014—2020 as the research sample, empirically examines the impact of foreign currency debt financing on enterprise innovation. The study found that foreign currency debt financing can significantly promote enterprise innovation;reducing debt financing costs and easing enterprise financing constraints are the main reasons for the formation of foreign currency debt financing innovation promotion effect;foreign currency debt financing can promote enterprise innovation more effectively in the case of higher financing demand enterprises, high-tech industry enterprises and in the RMB exchange rate appreciation. This paper enriches the study on the influence of enterprise innovation, and provides theoretical reference for the reform of China’s foreign exchange system reform, cross-border capital supervision and improving the capacity of financial services to the real economy.