融资对企业技术创新的影响:基于上市公司数据

The Impact of Financing on Enterprise’s Technological Innovation: Based on the Data of Listed Companies

资金直接影响到企业创新活动的有效性与产出效率。在举国创新的大背景下,融资对企业创新活动产出的效能问题值得我们探讨研究。本文利用2007~2015年的上市公司数据,从微观层面发现金融机构数量对企业技术创新的影响效应,并逐一加入公司内部财务指标控制变量和地级市控制变量,进行稳健性检验。在此基础上,通过企业分组发现金融机构数量对不同类型企业技术创新的影响,最后根据实证结果得到一定政策启示。

Capital directly affects the effectiveness and output efficiency of enterprise’s innovation activities.Under the background of national innovation,the impact of financing on the output efficiency of enterprise’s innovation activities is worthy of our discussion and research.Using the data of listed companies from 2007 to 2015,this paper finds the impact of the number of financial institutions on enterprise’s technological innovation from the micro level,and adds the internal financial index control variables and prefecture level city control variables one by one to test the robustness.On this basis,we find the impact of the number of financial institutions on technological innovation of different types of enterprises through enterprise grouping,and finally get some policy enlightenment according to the empirical results.