中国式金融分权与高技术企业创新活跃度——理论机制与实证检验

Chinese-style Financial Decentralization and Innovation Activity of High-tech Enterprises——Theoretical Mechanism and Empirical Test

中国式金融分权作为央地政府金融资源配置与控制权分化的产物,能够有效增加地方信贷资源供给,促进金融市场化发展,为提升高技术企业创新活跃度提供外部支撑。基于2012—2021年我国沪深A股高技术上市企业数据,借助固定效应模型、调节效应模型和中介效应模型检验中国式金融分权对高技术企业创新活跃度的影响机制。研究发现,中国式金融分权对高技术企业创新活跃度具有正向影响,该结论在经过多种稳健性检验后依然成立。调节效应检验结果显示,财政分权正向调节中国式金融分权与高技术企业创新活跃度的关系,财政分权程度越高,中国式金融分权对高技术企业创新活跃度的正向影响越大。中介效应检验结果显示,融资约束在中国式金融分权对高技术企业创新活跃度的影响中发挥部分中介作用,即存在“中国式金融分权→融资约束→高技术企业创新活跃度”的传导路径。异质性分析结果显示,中国式金融分权对大规模、高行业市场竞争程度以及东部沿海地区高技术企业创新活跃度的提升作用显著,对中小规模、低行业市场竞争程度以及中西部内陆地区高技术企业创新活跃度的影响不显著。为推进创新强国建设,应发挥中国式金融分权综合效力,助力高技术企业科技创新;完善地方财政分权激励机制,促进金融市场健康发展;制定实施差异化政策,积极发挥金融服务功能。

As a product of the allocation of financial resources and the differentiation of control rights of central and local governments,Chinese-style financial decentralization can effectively increase the supply of local credit resources,promote the development of financial marketization,and provide external support for enhancing the innovation activity of high-tech enterprises.Based on the data of high-tech listed companies in Shanghai and Shenzhen A-shares from 2012 to 2021,the authors examine the impact mechanism of Chinese-style financial decentralization and innovation activity of high-tech enterprises with the help of fixed effect model,regulatory effect model,and mediator effect model.It is found that the Chinese-style financial decentralization has a positive impact on the innovation activity of high-tech enterprises,and this conclusion is still valid after a variety of robustness tests.The regulatory effect test shows that fiscal decentralization positively regulates the relationship between Chinese-style financial decentralization and the innovation activity of high-tech enterprises;and the higher the degree of fiscal decentralization,the stronger the positive impact of Chinese-style financial decentralization on the innovation activity of high-tech enterprises.The mediator test shows that financing constraints play a part of the intermediary role in promoting the innovation activity of high-tech enterprises through Chinese-style financial decentralization,namely there is a transmission path of“Chinese-style financial decentralization→financing constraints→innovation activity of high-tech enterprises”.Heterogeneity analysis shows that Chinese-style financial decentralization has a significant effect on the innovation activity of large-scale high-tech enterprises,high-tech enterprises with high market competition,and high-tech enterprises in the eastern coastal areas;however,the impact of Chinese style financial decentralization on the innovation activity of small-scale high-tech enterprises,high-tech enterprises with low market competition,and high-tech enterprises in the central and western inland regions is not significant.We should give full play to the comprehensive effect of Chinese-style financial decentralization and help high-tech enterprises to innovate in science and technology,improve the local fiscal decentralization incentive mechanism to promote the healthy development of the financial market,realize the differentiation of policy supply,and actively give full play to the function of financial service,so as to provide reference for promoting the construction of an innovative power.