金融开放、融资约束与企业创新投资

Financial Openness,Financial Constraints,and Corporate Innovation Investment

金融开放是金融供给侧结构性改革的重要组成部分,其能否改善融资环境、驱动企业创新发展是当前亟待研究的问题。本文使用2007—2020年A股上市企业数据,从跨境资本流动视角检验了金融开放对企业创新投资的影响及作用机制。结果显示,金融开放提升了企业创新投资水平,经过工具变量法、PSM法、Heckman两步法以及一系列稳健性检验之后,结论依然成立。机制检验表明,金融开放通过缓解整体融资约束、降低债权和股权融资成本、增加股权融资规模等路径驱动企业增加创新投资。调节效应分析表明,上述关系在非国有产权、资产规模小、区域金融欠发达以及不具有政治关联的企业中更加明显。进一步研究发现,知识产权保护和信息化水平强化了金融开放对企业创新投资的促进效应,并且金融开放有利于提升企业创新投资的市场绩效和经营绩效。本研究有助于理解金融开放、融资环境改善与企业创新投资之间的内在联系,研究结论对金融开放的政策调整具有启示意义。

Financial openness is an important part of financial supply-side structural reform,and it is an urgent question to be studied whether financial openness improve financing environ-ment and drive the innovative development of enterprises.Based on the data of A-share enterprises from 2007 to 2020,this paper examines the influence and mechanism of financial openness on corporate innovation investment from the perspective of cross-border capital flow.This paper finds that financial openness significantly increases the R&D input of listed enterprises.The conclusion is still valid by using a series of endogeneity tests.Mechanism test shows that financial openness increases the R&D input by easing overall financing constraints,reducing debt and equity financing costs,and increasing the scale of equity financing.Financial openness has a heterogeneous effect on different types of enterprises.The effect of increasing the R&D input by financial openness is more pronounced,if enterprises have non-state-owned property rights,small scale of assets,poor external financing environment and non-political-connection.Further research finds that with the improvement of intellectual property protection and informatization level,the promotion effect of financial openness on enterprise innovation investment has been strengthened.Finally,this paper also finds that financial openness has improved market performance and business performance of innovation investment.This study is helpful to understand the internal relationship among financial openness,financing environment improvement and corporate innovation investment,and the conclusions also have implications for the policy adjustment of financial openness.