人民币国际化能否促进中国企业技术创新?

Does RMB Internationalization Promote Corporate Innovation?

文章通过构建具有微观基础的一般均衡模型,分析货币国际化促进企业技术创新的内在机理,并使用中国上市公司2009~2018年的数据,通过构建人民币国际化指数,实证检验人民币国际化对企业技术创新的影响。研究发现,人民币国际化可以促进企业技术创新,这一结果在替换关键变量、区分企业特征、缩小样本范围以及处理内生性问题后依然稳健。作用机制分析发现,人民币国际化通过融资约束效应、贸易促进效应和行业竞争效应作用于企业技术创新,融资约束效应和贸易促进效应对企业技术创新有正向影响,行业竞争效应与企业技术创新呈现“倒U型”关系。进一步研究发现,人民币国际化对企业技术创新的影响具有可持续性,并且人民币国际化可以延长企业技术创新的持续时间。研究表明人民币国际化可以促进企业技术创新,为人民币国际化服务实体经济提供理论依据和证据支持。

Innovation is the first driving force of economic growth. As an important part of China’s new opening-up strategy,does RMB internationalization directly promote corporate innovation? How to promote innovation? By constructing a general equilibrium model with micro basis,this paper analyzes the internal mechanism of currency internationalization promoting corporate innovation;using the data of listed companies in China from 2009 to 2018,this paper empirically tests the impact of RMB internationalization on corporate innovation by constructing RMB internationalization index. It is found that the internationalization of RMB can promote the innovation of enterprises. This result is still robust after replacing the key variables,distinguishing the characteristics of enterprises,narrowing the sample range and dealing with endogenous problems. Through the analysis of mechanism,we find that RMB internationalization affects corporate innovation through financing constraint effect,trade promotion effect and industry competition effect. Financing constraint effect and trade promotion effect have a positive impact on corporate innovation,while industry competition effect and corporate innovation present an inverted U-shaped relationship. Further research shows that the impact of RMB internationalization on corporate innovation is sustainable,and RMB internationalization can prolong the duration of corporate innovation. This study shows that RMB internationalization can promote corporate innovation of enterprises and provide theoretical basis and evidence support for RMB internationalization to serve the real economy.