金融监管的溢出效应——基于企业创新视角

Spillover Effect of Financial Regulation:Based on Firm Innovation

金融监管是有效防范化解金融风险的重要途径,提升金融监管有效性有助于维护金融市场稳定,推动经济高质量发展。基于中国A股非金融上市公司2012—2019年数据,本文运用固定效应模型,从企业创新视角实证检验了金融监管对企业创新的溢出效应。研究发现:加强金融监管能够减少企业创新数量,具体表现为加强金融监管会减少企业专利申请数量,且主要是减少策略性创新数量,金融监管提升了企业创新质量,具体表现为加强金融监管会提高企业创新的被引次数,即金融监管具有溢出效应,有助于企业创新“去粗取精”。融资约束和实体企业金融化对上述影响具有调节效应,在融资约束程度更高或实体企业金融化程度更低的企业中,金融监管对企业创新的溢出效应更强。金融监管对企业创新的溢出效应依据企业所在地区、所属行业、产权性质及自身生命周期的不同而表现出一定的异质性。本文为理解金融监管对实体企业的影响提供了新的微观证据,也为推动经济高质量发展提供参考。

Financial regulation is an important way to prevent and resolve financial risks.Enhancing the effectiveness of financial regulation plays an important role in guaranteeing the stability of the financial system,promoting the standardized and orderly development of the market,guiding the flow of funds,and making the financial better play the function of serving and promoting the high‐quality economic development.Firm innovation is an important driving force for the development of the real economy,and a source of long‐term economic growth.Existing literature has paid attention to the economic effects of financial regulation on resource allocation and financing costs of firms,but the impact of financial regulation on firm innovation still needs to be examined.Based on the data of China’s A‐share non‐financial listed firms from 2012 to 2019,this paper empirically examines the spillover effect of financial regulation on firm innovation using a fixed‐effects panel model.This paper finds that financial regulation has a spillover effect on firms’innovation behavior,which can be concluded as“selecting the essence and discarding the gross”.On one hand,financial regulation reduces the quantity of innovations.Specifically,the strengthening of financial regulation reduces firms’patent application quantity(mainly strategic innovation).On the other hand,financial regulation improves the quality of innovations.Specifically,the strengthening of financial regulation increases the number of patent citations.The conclusions remain valid after a series of robustness tests.Further,financing constraints and financialization have moderating effects.In firms with higher financing constraints or lower financialization,the spillover effect of financial regulation on innovation is stronger.In addition,the impact of financial regulation on firm innovation is heterogeneous across different regions,industries,property rights and life cycles.This paper provides new micro evidence for understanding the impact of financial regulation on real firms,and reference for optimizing financial regulation and promoting high‐quality economic development.The policy implications are as follows.First,the regulators should continue to comprehensively strengthen financial supervision,and enhance the stability and development of the financial system resilience in the future,so that financial services can better support the real economy.Second,the government should create a good ecological environment for innovation and actively play the role of policy support to constrain speculative behavior and activate the innovation power of firms.Third,we should correctly recognize the indirect costs of financial regulation for real enterprises and pay attention to coordinating and solving the financing difficulties of SMEs and enterprises in underdeveloped regions.