金融错配对企业创新投资的影响——来自中国数字创意上市公司的经验证据

Impact of Financial Misallocation on Enterprise Innovation Investment——Empirical Evidence from the Listed Digital Creative Firms in China

基于投资-现金流敏感模型,利用2012-2018年数字创意上市公司相关数据,使用GMM动态面板方法,从融资约束视角实证检验了金融错配对企业创新投资的影响。研究发现:金融错配显著抑制了企业创新投资增长;企业创新投资活动普遍存在外部融资约束,金融错配的提高会加剧企业创新投资面临的融资约束程度。进一步区分企业产权性质和地区市场化程度分析可知,金融错配对创新投资面临的融资约束加剧作用对于非国有和市场化程度较低地区的数字创意企业更为显著。

Based on the investment-cash flow sensitive model,this paper empirically examines the impact of financial misallocation on the innovation investment in digital creative firms from the perspective of financing constraints by using the relevant data of digital creative listed firms from 2012 to 2018 and the systematic generalized method of moments.The study revealed that financial misallocation significantly inhibited the growth of digital creative firm innovation investment;External financing constraints generally exist in innovation investment activities of digital creative firms,and an increase in the degree of financial misallocation will exacerbate the degree of financing constraints on digital creative firm innovation investment;Further analysis of the nature of enterprise property rights and regional marketization shows that the increased effect of financial misallocation on financing constraints for innovative investments is more significant for digital creative firms in non-state-owned and less market-oriented regions.