金融资源错配如何阻碍技术创新——基于技术差距的视角

How Does Financial Resource Missallocation Hinder Technological Innovation——From the Perspective of Technology Gap

本文基于我国金融资源歧视和企业技术创新效率低下的现实背景,从全要素生产率和产品质量两个层面分析了金融资源错配影响企业技术差距的内在机制,并利用2010—2019年我国制造业A股上市公司面板数据,实证检验了金融资源错配如何影响不同企业间技术差距水平。研究发现:金融资源错配程度每提高一个百分点,导致企业全要素生产率差距和产品质量差距分别扩大了0.174%和0.109%;信贷融资约束、要素价格扭曲、研发投入漏损以及非效率投资是金融资源错配阻碍技术创新的重要传导变量,金融资源错配的信贷融资约束效应、非效率投资损失效应、研发投入漏损效应和要素价格扭曲效应占总效应的相对贡献份额分别达到33.92%、28.61%、23.98%和10.54%。

Based on the reality of discrimination in financial resource and technological inefficiencies in enterprise, this article investigated the internal mechanism of financial misallocation and the technology gap from two aspects of total factor productivity and product quality. Besides, this paper used the micro-data of listed manufacturing companies from 2010 to 2019 to test the ways in which financial misallocation affected the level of technology gap among different firms. It finds that the financial misallocation increases by one percentage point, resulting in the expansion of the TFP gap and product quality gap by 0.174% and 0.109% respectively. Further research finds that credit financing constraints, factor price distortion, R&D investment leakage and inefficient investment are important transmission variables for financial misallocation to hinder technological innovation. From the decomposition of relative contribution, it can be seen that the shares of the above four effects reach 33.92%, 28.61%, 23.98% and 10.54% respectively.