不同产权性质下内外源融资约束对企业创新投入能力的影响研究

Research on the Impact of Internal and External Financing Constraints on Innovation Investment Capability of the Enterprises under Different Property Rights

基于我国2007—2016年A股上市公司10年动态面板数据,实证分析内外源融资约束对企业创新投入能力的影响,进一步研究产权性质对内外源融资约束与企业创新投入二者关系的调节作用.结果表明:企业内外源融资渠道均与创新投入能力呈负相关关系,即当企业内部现金流紧张且较难获得外源融资时,会加重企业内外源融资约束,从而制约企业创新投入能力的提升;产权性质对于内外源融资约束和企业创新投入能力的作用不同,民营企业相比于国有企业,内部资金薄弱且外源融资阻碍较大,民营企业内外源融资约束对企业创新投入能力的影响较大;企业规模、上市年限、成长能力、固定资产比例和企业前期创新投入都对企业创新投入能力存在不同程度的正向影响.因此,为缓解民营企业创新研发的融资困境,提高国有企业创新研发效率,从政府、企业、金融机构三个层面提出相关建议.

Based on the 10-year dynamic panel data of A-share listed companies in China from 2007 to 2016,this paper empirically analyzes the impact of internal and external financing constraints on innovation investment ability of the firms,and further studies the moderating effect of property rights on the relationship between internal and external financing constraints and innovation investment of the firms.The results show that both internal and external financing channels are negatively correlated with the innovation investment capacity of enterprises.When the internal cash flow of enterprises is tight and it is difficult to obtain external financing,the internal and external financing constraints of enterprises will be increased,which restricts the improvement of innovation investment capacity of the enterprises.The nature of property rights has different effects on internal and external financing constraints and innovation investment ability of the enterprises.Compared with state-owned enterprises,private enterprises are confronted with weaker internal capital and greater external financing obstacles,and internal and external financing constraints have greater impact on innovation investment ability of the private enterprises.Enterprise size,listed years,growth capacity,proportion of fixed assets and initial innovation investment have different degrees of positive impact on innovation investment capacity of the enterprises.Therefore,in order to alleviate the financing difficulties of private enterprises and improve the efficiency of state-owned enterprises,relevant policy suggestions are put forward from the three levels of government,enterprises and financial institutions.