不同类型金融资源错配对企业创新投入的影响

The Impact of Different Financial Resource Misallocation on Innovation Input of Companies

在金融服务实体经济的供给侧结构性改革背景下,以2011—2020年制造业上市公司面板数据为样本,基于微观企业视角实证分析不同类型金融资源错配对企业创新投入的影响。研究发现,总体而言,金融资源错配对企业创新投入具有抑制作用,这种抑制作用主要是由供给不足型错配造成的。不同类型的金融资源错配程度对企业创新投入的影响机制有所差异:融资约束和寻租活动在供给不足型错配对创新投入的影响中表现为中介效应;而融资约束与金融资产投资在供给过度型错配对创新投入的影响中表现为遮掩效应。供给不足型错配对不同类型专利所反映的创新投入质量具有显著的抑制作用;供给过度型错配对发明专利和实用新型专利均无显著抑制作用,但对外观设计专利反而具有促进作用。供给不足型错配程度越高,越有利于创新投入对未来业绩的提升作用;而供给过度型错配程度越高,越发降低了未来业绩对创新投入的敏感性。

Under the background of the side structural reform to enhance the financial service entity economy,the paper takes the panel data of listed manufacturing companies from 2011 to 2020 as the sample.The empirical study finds that,in general,the financial resource misallocation has an inhibitory effect on the innovation input of enterprises,and this inhibitory effect is mainly caused by the under supply misallocation.The influence mechanism of different types of financial resource misallocation on innovation input is different.Financing constraint and rent-seeking activity have mediating effect on the influence of under supply misallocation on innovation input.However,the influence of financing constraint and financial asset investment have cover effect on the influence of over supply misallocation on innovation input.Under supply misallocation has a significant inhibitory effect on the quality of innovation input reflected by different types of patents.The over supply misallocation has no significant inhibiting effect on invention patents and utility model patents,but it has a promoting effect on design patents.The higher the degree of under supply misallocation,the more conducive to the improvement of innovation input on future performance;The higher the degree of over supply misallocation,the lower the sensitivity of future performance to innovation input.