【作者】 李子君；

【导师】 黄险峰；

【作者基本信息】 辽宁大学 ， 西方经济学， 2021， 博士

【副题名】来自中国上市公司的经验证据

【摘要】 随着我国经济发展进入了新常态,传统依靠要素投入的粗放式发展已不可持续,经济增长方式亟需改变,而创新正是实现这一转变的关键所在。创新驱动发展战略己成为事关国家长远发展的核心战略,企业作为创新的主体,其创新能力的提高对于企业自身竞争力与国家创新驱动力的形成都具有重要意义。然而,中国企业的自主创新能力却长期落后于经济发展的现实需求。根据《2019年中国企业500强发展报告》,中国500强企业的平均研发强度仅为1.60%,低于国际公认的企业生存线2%。那么,什么因素制约了我国企业的创新投入水平?目前,我国经济还在转型升级过程中,金融服务体系仍不够完善,资本市场发展尚不成熟,企业融资存在融资渠道不稳定、融资成本高和融资效率低的问题。创新活动的积累性、专业性和高调整成本特点意味着其需要长期大量的资金支持,然而不同于一般投资,企业创新活动内在的高风险和高度信息不对称的特点,增加了其获得外部资金支持的难度。良好的金融体系能够汇集资金、筛选创新项目、有效配置资源、监督经理人、分散风险,帮助企业克服道德风险和逆向选择问题,有利于支持并促进创新。在这样的背景下,研究我国金融体系如何有效支持企业创新活动,乃至更好地服务实体经济具有重要意义。基于我国推出的一系列科技金融发展措施和创新驱动发展战略下的金融改革背景,以及企业创新活动融资难和投资不足的现实背景,本文试图具体探究如下问题:从企业微观视角来看,融资约束对我国企业创新产生了怎样的影响,这种影响针对异质性企业是否存在差异?将宏观金融发展和微观企业创新结合来看,我国地区银行部门发展和股票市场发展对企业创新投入和创新绩效产生了怎样的影响?金融发展对不同所有制、不同规模、不同研发水平的企业是否存在差异性影响?以及,不同区域金融发展对企业创新影响有何不同?金融发展通过怎样作用渠道影响了企业创新,是否存在以融资约束为中介变量的显著的中介效应?作为企业外部资金来源和政府创新激励手段的政府补助与金融发展对企业创新投入产生怎样的交互影响?本文先是对相关理论和已有文献研究进行了梳理和评述,并对中国创新和金融发展的制度背景与现状进行事实分析,在结合理论分析提出研究假设的基础上,本文选取2007-2018年A股非金融业上市公司为研究样本,经过实证论证,得到以下几点结论:第一,本文采用SA指数、KZ指数和WW指数法构建融资约束指标,检验了融资约束对企业创新的影响,实证结果显示融资约束显著抑制了我国上市公司的创新投入,尤其是对较小规模企业和非国有企业;融资约束对企业创新绩效的数量和质量也产生了负面影响。第二,我国地区银行业金融机构发展和股票市场发展显著促进了企业创新投入,尤其是对非国有企业、较小规模企业、和研发水平较高的企业;东部地区银行业发展和股票市场发展对企业创新促进作用最显著;考虑创新绩效,地区银行业信贷规模扩张和股票市场融资规模扩张对企业创新产出数量没有显著影响,但是与企业创新产出的质量显著正相关。第三,本文通过实证检验了金融发展对企业创新的影响机制,研究发现金融发展能通过缓解融资约束和信息不对称来促进企业创新,其中实证结果表明融资约束对于金融发展影响企业创新起到了显著中介效应。第四,地区金融发展与政府补助的交互作用显著促进企业创新投入增加,这种正向交互影响对于融资约束和信息不对称问题较严重的企业更明显。本文可能的创新之处主要有:第一,区别于多数文献的单一视角,本文结合了企业微观融资视角和宏观金融发展视角,检验资金可得性对企业创新的影响。在金融发展对企业创新作用机制的实证检验中,本文不只采用了交互项系数检验方法,还通过中介效应检验法,深入探究了金融发展、融资约束和企业创新之间的关系。第二,本文从金融功能观出发,创新性地采用了信息不对称的研究视角,实证研究发现金融发展能通过缓解信息不对称促进企业创新。第三,已有研究多用单一维度衡量企业创新,并且关于中国资本市场对企业创新影响的研究较少且经验证据尚无定论。本文在实证研究中,同时考虑了企业创新投入和创新绩效,并用数量和质量两个维度衡量企业创新绩效;从银行业金融机构和股票市场两个角度衡量金融发展,并在实证中考虑了企业所有制、企业规模、企业研发水平和区域的差异性影响,拓宽了研究深度。同时,也进行分位数回归全面对比了解银行业金融机构发展和股票市场发展对不同创新投入分位点企业的影响。综上,本文以更全面的视角探究了融资约束和金融发展对企业创新的影响,并对重要指标选取两个以上的代理变量,进行了丰富的稳健性检验,丰富了此类课题的研究方法和经验结论。第四,政府补助是政府用来缓解企业融资约束促进企业创新投入的政策性激励手段,也是企业的外部资金来源,本文将金融发展和政府补助放入同一研究框架,探讨了二者对企业创新的交互影响,并给出政策建议。更多还原

【Abstract】 With China’s economy entering a period of new normal,the traditional extensive growth relying on the quantity of inputs is no longer sustainable,so the economic growth mode is in urgent need of change.Innovation is the key to this transformation,which is also a core strategy for a national’s long term development.As enterprises are the main body of innovation activities,the improvement of its innovation ability can not only promote competitiveness themselves,but also drive a national revolution.However,this capability of Chinese enterprises has been lagging behind the actual needs of economic development.According to the "2019 China Top 500 Enterprises Development Report",the average Research & Development(R&D)intensity of China’s top 500 companies is only 1.60%,lower than the internationally recognized enterprise survival line which is2%.What factors restrict the innovation input of Chinese enterprises? As Chinese economy finding itself at a crucial stage of transformation,the financial service system is still incomplete,the capital market is immature,and the corporate financing is unstable with high costs and low efficiency.The features of cumulativeness and high adjustment costs in R&D mean that a large amount of long-term financial support is needed.However,the inherent high risks and high information asymmetry of enterprise innovation activities raise the difficulty for their access to external financial support.A good financial system can pool funds,screen innovative projects,allocate resources,supervise managers,help companies overcome moral hazard and adverse selection problems,which helps support and promote innovation.In this context,it is of great significance to study how Chinese financial system supports R&D and better serves the real economy.Based on a series of measures to promote sci-tech finance and the financial reformation in innovation-driven development strategies launched in our country,this article attempts to specifically explore the following topics for helping with R&D financial difficulties: What kinds of influences do financing constraints have on Chinese R&D from a corporate micro perspective? Does this influence differ in heterogeneous enterprises? How does the development of the regional banking sector and the development of the stock market impact the enterprise’s innovation input and output,under the lens of macro-financial development and micro-business innovation? Does financial development have dissimilar impacts on enterprises with different ownership,contrasting scales,and incompatible R&D levels?Furthermore,what are the various impacts of financial development in different regions on enterprise’s innovation? How does financial development affect R&D through channels? Is there a significant intermediary effect that uses financing constraints as an intermediary variable? What kind of interaction does government subsidies and financial development play on enterprise innovation investment?Ground on the literature review and background study,this paper selects2007-2018 A-share listed companies in the non-financial industry as the research sample for empirical demonstration,the following conclusions are obtained: First,this article uses the SA index,KZ index and WW index method to construct financing constraint indicators to test the impact of financing constraints on corporate innovation.The empirical research shows that financing constraints significantly inhibit the innovation input of listed companies in China,especially for smaller companies and non-state--owned enterprises;financing constraints also have a negative impact on the innovation performance.More specifically,financing constraints have an inhibitory effect on the quantity and quality of innovation outputs.Second,the development of regional banking financial institutions and the development of the stock market in China has significantly promoted corporate innovation investment,especially for non-state-owned enterprises,smaller-scale enterprises,and enterprises with higher levels of R&D;the eastern region reflects this relationship most significantly;in terms of innovation performance,the expansion of regional banking credit scale and regional listed company equity financing have no significant impact on the quantity of enterprise innovation outputs,but it is significantly positively correlated with the quality of enterprise innovation output.Third,this paper studies the mechanism of financial development’s influence on corporate innovation.The research finds that financial development can promote R&D by alleviating financing constraints and information asymmetry.The empirical results show that financing constraints have played a significant intermediary effect on financial development affecting corporate innovation.Fourth,regional financial development and government subsidies have a positive interaction effect on R&D.This positive interaction has a more obvious impact on companies with more serious financing constraints and information asymmetry,indicating that government subsidies have played a signaling effect to guide finance development more effectively supporting enterprise innovation.The possible creations of this article are as follows: First,different from a single perspective in most literature,this article combines the corporate micro-financing and the macro-financial development view together,to test the impact of the funds availability on R&D.In the empirical test of the mechanism of financial development on corporate innovation,not only the interaction coefficient test method was used,but also the intermediary effect test method,to deeply explore the relationship between financial development,financing constraints and corporate innovation.Second,from the view of financial functions,this paper innovatively adopts the research perspective of corporate information asymmetry;empirical research finds that financial development can promote R&D by alleviating information asymmetry.Third,in the empirical research,this paper considers both the innovation input and output,and measures the quantity and quality in innovation performance;financial development factor is measured from the perspectives of banking sector,as well as,stock market;enterprises are also sorted by ownership,scale,R&D level and regional differences;these approaches broaden the research depth.At the same time,quantile regression is carried out to make a comprehensive comparison to understand the marginal impact of the banking sector and the stock market on different quantiles of corporate innovation investment.In brief,this article explores the impact of financing constraints and financial development on R&D from a more comprehensive perspective.What’s more,this article selects more than two proxy variables for important indicators in robustness testing,which enriches the research methods and empirical conclusions in such topics.Fourth,government subsidies are policy incentives used by the government to ease corporate financing constraints and promote corporate innovation investment.This article puts financial development and government subsidies into the same research framework,explores the interaction of the two on corporate innovation and then puts forward policy suggestions.更多还原