【作者】 高慧；

【导师】 齐佩金；

【作者基本信息】 东北财经大学 ， 金融学， 2020， 硕士

【副题名】基于融资约束中介效应的分析

【摘要】 目前我国的经济正在向高质量发展阶段转换,而在经济发展中,创新是源泉。企业的研发活动是我国从“中国制造”发展成为“中国创造”的关键力量。在当前经济背景下,企业需要提升创新能力和生产力水平,在国际市场中拥有竞争优势。但是尽管我国增强了对企业研发创新的资金投入,国家整体的创新产出能力仍不足。企业研发活动面临着外部资金困境是重要原因之一。首先,企业研发活动需要高额资金投入而且回报周期较长,因此投资者更倾向于收益稳定的项目投资,这会导致企业创新外部融资相对困难;其次,研发活动进程需要在一定程度上向外界市场保密,因而企业与银行之间会存在信息不对称问题,市场投资者不能很好地了解和把握其要投资的项目,信息获取成本提高,投资风险也会提高,从而对企业进行投资的积极性降低,最终企业的外部融资额减少,而且外部融资成本提高,面临资金约束问题。现阶段中国的经济金融体系仍以银行为主导,银行在市场中发挥着资金配置作用。银行贷款仍然是我国企业获得外部信贷融资的重要渠道。随着我国改革开放和银行业改革的有序推进,我国的银行业结构在很大程度上得到了丰富,政策性银行、股份制商业银行以及外资银行等进入了市场,新进入市场的银行会和其他竞争者争抢市场份额,使得银行业的竞争程度越来越高。银行业作为经济体系重要的金融中介,可以配置资金,加快资金的流通,对于宏观层面整个经济体系的完善以及微观层面企业的发展都发挥着重要的作用。因此探索银行业的竞争加强能否缓解研发活动所面临的融资约束问题促进企业创新有着比较重要的意义。以往一些学者通过实证研究证明融资约束会对企业创新造成负面影响,但是在银行业竞争对于企业融资的影响研究方面,有的学者认为银行业竞争可以缓解融资约束,有的学者认为银行业竞争不利于缓解融资困境。借鉴前者经验,本文基于融资约束中介效应,研究银行业竞争对企业研发投入的影响机制,之后将企业按照所有权性质分类,进行研究分析。之前学者研究影响企业研发创新的因素时多考虑企业组织角度,因此本文借助银行业竞争这一指标,宏观层面与企业微观层面相联系,将外部融资与企业的研发活动联系起来考察,拓展了关于企业研发创新影响因素的研究。本文以我国A股上市公司2012-2019年的面板数据为样本,运用固定效应模型分析中介效应,通过实证研究检验银行业竞争加强是否可以缓解企业的外部融资困境,进而有利于企业进行研发创新,进一步探究上述影响机制是否会因为企业所有权性质的不同而变化。研究发现:(1)对于我国A股上市公司来说,银行业竞争加强对企业研发强度有显著的积极作用;(2)以融资约束为中介变量分析,银行业竞争可以缓解企业研发过程中的资金困境,来增加企业的研发投入金额,有利于企业创新;(3)对于不同所有制企业来说,银行业竞争影响不同。相比于国有企业,银行业竞争性的市场结构能够在一定程度上缓解非国有企业的融资困境,推动其投入研发资金,助力创新。最后本文以与企业注册地所在城市GDP最为接近的省内三个城市的赫芬达尔指数平均值作为工具变量,运用两阶段最小二乘法进行估计,并对模型进行稳健性检验,实证结果稳健。本文基于融资约束角度,研究了银行业竞争对企业创新的影响机制。首先可以为企业提供一些参考建议,更加积极有效地进行研发创新,有助于成长发展;第二,可以启发政府制定有效的政策举措完善市场,缓解信息不对称,为企业融资提供更好的外部环境;最后,可以为中国银行业改革的进一步深入提供一定的参考,银行业需要形成良态的竞争格局,及时地为企业提供研发投资所需要的资金支持,推动企业创新水平的提高,为中国经济稳步增长、提高国际地位助力。更多还原

【Abstract】 At present,China’s economy is changing to a stage of high-quality development,and in economic development,innovation is the source.The R&D activities of enterprises are the key force for China to develop from "made in China" to "created in China".Under the current economic background,enterprises need to enhance their innovation capacity and productivity level to promote economic development and have competitive advantages in the international market.However,compared with the developed countries,the overall innovation output capacity of our country is still insufficient,although our country has strengthened the capital investment to the enterprise innovation.One reason is that R&D activities are facing the dilemma of external capital restriction.First of all,the R&D activities of enterprises need high capital,high uncertainty and high risk,and the bank’s capital investment return cycle is long,so investors tend to invest in projects with stable income,that will lead to the relative difficulty of external financing of enterprise innovation;Secondly,the information of the process of R&D activities needs to be kept secret to a certain extent to the outside,so there will be information asymmetry between enterprises and banks,and market investors can not understand well,the cost of information and the risk of investment increase,eventually leading to the less financing amount and the higher external financing cost.At present,China’s economic and financial system is still dominated by banks,which play the role of capital allocation in the market.Bank loan is still an important channel for Chinese enterprises to obtain external credit financing.With China’s reform and opening up and the orderly advancement of banking reform,China’s banking structure was enriched,policy banks,the new banks and other competitors will compete for market share,making the banking industry more and more competitive.As an important financial intermediary in the economic system,the banking industry can allocate funds and speed up the circulation of funds,it plays an important part in the development of the whole economic system and the enterprises at the micro level.To explore whether the competition of the banking industry can widen the access of enterprises to funds,increase the supply of external funds by market investors,and thus ease the financing constraints faced by R&D activities and promote enterprise innovation has some important significance.In the past,some scholars have proved through empirical research that financing constraints will restrain enterprise innovation,but for the research on the influence that banking competition have on enterprise financing,some scholars believe that banking competition can alleviate financing constraints,some scholars think that banking competition is not conducive to ease the financing difficulties.Drawing on the experience of the former,this paper analyzes the influence of banking competition on R&D investment from the perspective of financing constraint intermediary effect,and discusses the classification of enterprises according to the nature of ownership.In the past,scholars have mostly discussed the factors that affect enterprise R&D innovation from the perspective of enterprise organization.Therefore,this paper uses the index of banking competition to connect the macro level with the micro level of enterprise,external financing and enterprise R&D activities are linked together,expanding the researches on the factors affecting enterprise innovation.This paper studies the intermediary effect and empirically tests whether the strengthening of competition in the banking industry can alleviate the external financing predicament of enterprises,then it is beneficial for enterprises to carry out R&D innovation and whether the influence and function mechanism will change because of the different nature of enterprise ownership.The findings are as follows:(1)For Chinese a-share listed companies,increased competition in the banking industry has a significant positive effect on their R&D intensity;(2)Taking financing constraints as an intermediary variable,the banking industry competition can alleviate the financial difficulty in the process of R&D,increase the investment,so it is beneficial to the innovation of the enterprises;(3)Compared with the state-owned enterprises,the banking competition can ease the financing constraints of the non-state-owned companies,promote their investment in R&D funds,and promote innovation.Finally,the mean value of Herfindal index of three cities in the province,which is closest to the GDP of the city where the enterprise is registered,is used as a tool variable to effectively control the endogenesis between the explained variables and the explained variables,the two-stage least squares is used to estimate and the model is tested for its robustness.The empirical results are robust.This paper studies the mechanism that banking competition influences on firm innovation.Firstly,it can provide suggestions for companies to actively and effectively carry out R&D and innovation,which can help enterprises grow.Secondly,it can inspire the government to formulate effective policy measures to improve the market and slow down the information asymmetry.Finally,it can provide a certain reference for the further reform of China’s banking industry.The banking industry needs to form a sound competitive pattern,to provide timely financial support for enterprises’R&D investment,promote enterprises’innovation,contribute to China’s steady economic growth and enhance its international status.更多还原