上海自贸区金融开放对高端装备制造业创新投入的影响研究——基于融资约束视角的准自然实验

Research on the Influence of Financial Opening-up to Innovation Investment of High-end Equipment Manufacturing Industry in Shanghai Free Trade Zone-Quasi-experiment Based on Financial Constraints

外部融资是高端装备制造业创新投入不可或缺的重要渠道。本文从这一视角出发,基于我国上海自贸区金融开放试点启动这一准自然实验,以2010~2020年高端装备制造业全部A股上市公司年度数据为样本,运用双重差分模型分析了上海自贸区金融开放对高端装备制造业创新投入的影响,并引入有调节的中介模型,探究融资约束和盈利能力在金融开放影响研发投入中发挥的作用。研究发现:(1)上海自贸区金融开放确实具有促进高端装备制造业创新投入的作用;(2)上海自贸区金融开放促进高端装备制造业上市公司研发投入是通过缓解企业外部融资约束来实现的,并且盈利能力越强的企业在金融开放改革中获得的红利越多,融资约束缓解程度更为明显;(3)相较于国有企业,民营企业受到自贸区金融开放的融资约束缓解效应更强,更有利于其加大创新投入。

External financing is an indispensable and important channel for innovation investment in high-end equipment manufacturing industry. From this perspective,this paper based on the free trade zone in Shanghai China’s financial opening pilot start this reasonably natural experiment,high-end equipment manufacturing industry from 2010 to 2020 all a-share listed companies annual data as sample,using the double difference model analyzes the Shanghai free trade zone open financial impact on highend equipment manufacturing industry innovation investment,and introduce A mediation model of regulation,explore the role of financing constraints and profitability in the impact of financial openness on R&D investment. The results show that:( 1) the financial opening of Shanghai Free Trade Zone can indeed promote innovation investment in high-end equipment manufacturing industry.( 2) The financial opening of Shanghai Free Trade Zone promotes the R&D investment of listed companies in high-end equipment manufacturing industry by alleviating external financing constraints. In addition,enterprises with stronger profitability gain more dividends in the reform of financial opening,and the degree of financing constraint alleviation is more obvious.( 3) Compared with state-owned enterprises,private enterprises are more strongly alleviated by the financing constraint of the financial opening of the FREE trade Zone,which is more conducive to their increasing investment in innovation.