金融结构市场化与企业创新——基于东盟国家的经验证据

Marketization of Financial Structure and Enterprise Innovation——Based on Empirical Evidence from ASEAN Countries

东盟各国经济发展水平不一,在东盟一体化建设的整体框架下,东盟各国经济势必朝向以创新驱动的高质量经济发展模式转变。利用2012—2019年东盟国家非金融行业上市企业微观数据,可以从规模和活力角度出发描述部分东盟国家的金融结构现状,进而研究金融结构对企业创新的影响。东盟各国金融市场化程度不同,金融结构与企业创新整体呈现“倒U型”的非线性关系,形成先促进后抑制的动态影响路径,存在一个以创新产出为衡量标准的最优金融结构。为此,各国政府应当优化金融结构,构建多层次的资本市场,提高监管效率,同时引导企业提高创新产出质量,重视高新技术企业创新。

ASEAN countries have different levels of economic development,and under the overall framework of ASEAN integration building,the economies of ASEAN countries are bound to shift to a high-quality innovation-driven economic development model.This paper uses micro data of listed companies in non-financial sectors in ASEAN countries from 2012 to 2019 to describe the current situation of financial structure in selected ASEAN countries from the perspective of size and dynamism,and to study the impact of financial structure on firm innovation.The study finds that the degree of financial marketization varies among ASEAN countries,and the overall financial structure and enterprise innovation show an“inverted U-shaped”non-linear relationship,forming a dynamic influence path that first promotes and then inhibits,and there is an optimal financial structure measured by innovation output.Therefore,the concerned governments should optimize the financial structure,build a multi-level capital market and improve regulatory efficiency,while guiding enterprises to improve the quality of innovation output and to pay attention to the innovation of high-tech enterprises.