资管新规、融资约束与企业创新

New Asset Management Regulations, Financing Constraints, and Enterprise Innovation

创新是经济增长的核心驱动力,尤其在中国经济迈向高质量发展的新时代背景下。为提升经济增长质量、效益和竞争力,贯彻创新发展战略、促进实体经济发展至关重要。然而,企业创新活动常面临周期长、成本高、产出不确定等挑战,导致资金风险加大,融资约束成为制约企业创新的关键因素。为防范金融风险、遏制经济脱实向虚,2018年发布的资管新规大幅限制了影子银行业务,其影响必将传导至实体经济。因此,深入研究资管新规对企业创新的影响,对于推动经济高质量发展具有重要意义。本文借助资管新规的出台,以产权性质差异为基础构建实验组和对照组,采用双重差分法探究金融监管与企业创新的内在关联。研究发现,资管新规显著促进了民营企业创新投入与效率,此结论经稳健性检验后依然成立。进一步分析显示,融资约束在此过程中发挥了部分中介作用。资管新规通过缓解企业融资约束,有效推动企业创新投入与效率提升。本研究不仅深化了金融监管与企业创新关系的理解,也为政策制定提供了有益参考。

Innovation is a core driver of economic growth, especially as the Chinese economy moves into a new era of high-quality development. In order to improve the quality, efficiency and competitiveness of economic growth, it is crucial to implement the strategy of innovative development and promote the development of the real economy. However, enterprise innovation activities often face challenges such as long cycle, high cost and uncertain output, which leads to increased capital risk, and financing constraints become the key factor restricting enterprise innovation. In order to prevent financial risks and curb the economic transformation from real to virtual, the new asset management regulations issued in 2018 significantly restricted shadow banking, and its impact will surely be transmitted to the real economy. Therefore, in-depth research on the impact of new regulations on enterprise innovation is of great significance for promoting high-quality economic development. In this paper, with the help of the introduction of new asset management regulations, the experimental group and the control group are constructed on the basis of the difference in property rights, and the internal relationship between financial supervision and enterprise innovation is explored by using the difference-difference method. It is found that the new asset management regulations significantly promote the innovation input and efficiency of private enterprises, and this conclusion is still valid after the robustness test. Further analysis shows that financing constraints play a partial mediating role in this process. By easing the financing constraints of enterprises, the new regulations effectively promote the innovation investment and efficiency of enterprises. This study not only deepens the understanding of the relationship between financial regulation and enterprise innovation, but also provides a useful reference for policy making.