银行业竞争、融资约束与涉农企业创新效率

Banking Competition,Financing Constraints and Innovation Efficiency of Agriculture-Related Enterprises

以上市涉农企业作为研究对象,利用其2016—2021年相关数据,在使用三阶段DEA测度其创新效率的基础上,使用固定效应模型探究银行业竞争对涉农企业创新效率的影响。研究发现,银行业竞争促进了涉农企业创新效率的提升;从影响机制来看,银行业竞争通过缓解涉农企业的融资约束,从而提升了其创新效率;同时银行业竞争主要促进了下游涉农企业创新效率的提升。在进行内生性检验后,又进行了替换被解释变量、滞后解释变量等稳健性检验,结论依然成立。最后,从政府、银行和涉农企业三方面提出政策建议。为提高涉农企业创新效率、稳定农业企业的农业科技创新主体地位提供实证证据及优化建议。

This paper takes listed agriculture-related enterprises as the research object,and uses the relevant data from 2016 to 2021 to measure their innovation efficiency using three-stage DEA,and uses fixed effects to explore the influence of bank competition on the innovation efficiency of agriculture-related enterprises.The results show that banking competition promotes the innovation efficiency of agriculture-related enterprises;Considering the mechanism of influence,the intensification of banking competition fosters the innovative efficacy of agricultural enterprises through the mitigation of their financing constraints;At the same time,the competition of banking industry mainly promotes the improvement of innovation efficiency of downstream agriculture-related enterprises.In this paper,after the endogeneity test,the robustness test such as replacement of explained variables and delayed explanatory variables is carried out,and the conclusion is still valid.Finally,this paper makes policy suggestions on three distinct domains—the government,banking sector,and agricultural enterprises;empirical insights and strategic recommendations are put forward aiming at stabilizing the domonant postition of agriculture-related enterprises in innovation,thereby solidifying their pivotal role in driving agricultural science and technology advancements.