中国科创企业的异质资源、信用能力与投贷联动
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摘要
以2009～2017年间中国创业板上市公司为研究样本,实证检验了银行信贷、股权融资对异质资源投入的影响,研究结果表明,异质资源投入严重受制于科创企业的信用能力,异质资源的产出是银行信用评价的积极因素。进一步研究了获取银行信贷和股权融资的科创企业特征,发现销售收入增长率、IPO等成长性因素对科创企业获得银行信用具有显著的正向影响;私募股权投资对银行信用很可能具有正向影响,但非银行金融机构持股对科创企业获得银行信用很可能没有影响。因此,建议政府完善和优化私募股权投资相关法律法规,激励企业股权融资并提升企业创新能力,为投贷联动创造良好环境。
Using listed companies on China's Growth Enterprises Market( GEM) board from2009 to 2017 as a sample,we empirically investigated the impacts of bank credit and equity financing on heterogeneous resource inputs. The results showed that the input of heterogeneous resources was severely constrained by the creditworthiness of hi-tech startups,and the output of heterogeneous resources was a positive factor in the credit ratings from banks. Further,we investigated the characteristics of hi-tech startups that acquired bank credit and equity financing. The findings are summarized as follows: 1) growth factors( e. g.,growth rate of sales income,IPO)had a significant positive impact on the acquisition of bank credit by hi-tech startups; 2) private equity investment probably had a positive impact on the acquisition of bank credit,whereas the shareholding by non-bank financial institutions probably had no impact on the acquisition of bank credit by hi-tech startups. Therefore,governments should improve and optimize the laws and regulations on private equity investment,corporate equity financing should be encouraged,and enterprises' innovation ability should be boosted,thus building a favorable environment for investment-loan linkage.
Using listed companies on China's Growth Enterprises Market( GEM) board from2009 to 2017 as a sample,we empirically investigated the impacts of bank credit and equity financing on heterogeneous resource inputs. The results showed that the input of heterogeneous resources was severely constrained by the creditworthiness of hi-tech startups,and the output of heterogeneous resources was a positive factor in the credit ratings from banks. Further,we investigated the characteristics of hi-tech startups that acquired bank credit and equity financing. The findings are summarized as follows: 1) growth factors( e. g.,growth rate of sales income,IPO)had a significant positive impact on the acquisition of bank credit by hi-tech startups; 2) private equity investment probably had a positive impact on the acquisition of bank credit,whereas the shareholding by non-bank financial institutions probably had no impact on the acquisition of bank credit by hi-tech startups. Therefore,governments should improve and optimize the laws and regulations on private equity investment,corporate equity financing should be encouraged,and enterprises' innovation ability should be boosted,thus building a favorable environment for investment-loan linkage.
引文
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[30]周煜皓,张盛勇.金融错配、资产专用性与资本结构[J].会计研究,2014(8).
[31]Adam T.,and Goyal V.,2008. The Investment Opportunity Set and Its Proxy Variables. Journal of Financial Research,Vol. 31,No. 1:41-63.
[32]Chaney T.,Sraer D.,and Thesmar D.,2012. The Collateral Channel:How Real Estate Shocks Affect Corporate Investment. American Economic Review,Vol. 102,No. 6:2381-2409.
[33]Evans D. S.,and Jovanovic B.,1989. An Estimated Model of Entrepreneurial Choice under Liquidity Constraints. Journal of Political Economy,Vol. 97,No. 4:808-827.
[34]Graham J.,and Harvey C.,2001. The Theory and Practice of Corporate Finance:Evidence from the Field.Journal of Financial Economics,Vol. 60,No. 2-3:187-243.
[2]Rowley J. D.,2016. The Startup Funding Graduation Rate Is Surprisingly Low. https://mattermark. com/startup-graduation-rate-surprisingly-low/.
[3]Conti A.,Thursby J.,and Thursby M.,2013. Patents as Signals for Startup Financing. Journal of Industrial Economics,Vol. 61,No. 3:592-622.
[4]标准排名城市研究院,优客工场,腾讯研究院. 2017中国创新创业报告[R]. 2017.
[5]清华大学经济管理学院中国创业研究中心.全球创业观察(GEM)2015/2016中国报告[R].清华大学,2018.
[6] Caggese A.,2012. Entrepreneurial Risk,Investment,and Innovation. Journal of Financial Economics,Vol. 106,No. 2:287-307.
[7]Beck T.,and Levine R.,2002. Industry Growth and Capital Allocation:Does Having a Market-or Bankbased System Matter? Journal of Financial Economics,Vol. 64,No. 2:147-180.
[8]上海银监局,上海市科委. 2017年上海科技金融发展报告[R]. 2018.
[9]Miller D.,and Shamsie J.,1996. The Resource-based View of the Firm in Two Environments:The Hollywood Film Studios from 1963 to 1965. Academy of Management Journal,Vol. 39,No. 1:519-543.
[10]Holmstrom B.,1989. Agency Costs and Innovation. Journal of Economic Behavior and Organization,Vol. 12,No. 3:305-327.
[11]Peteraf M. A.,1993. The Cornerstones of Competitive Advantage:A Resource-based View. Strategic Management Journal,Vol. 14,No. 3:179-91.
[12]Atanassov J.,2014. Arm's Length Financing and Innovation:Evidence from Publicly Traded Firms. Management Science,Vol. 62,No. 1:128-155.
[13]Carpenter R. E.,and Petersen B. C.,2002. Capital Market Imperfections,High-tech Investment,and New Equity Financing. Economic Journal,Vol. 112,No. 477:F54-F72.
[14]Brown J. R.,Martinsson G.,and Petersen B. C.,2013. Law,Stock Markets and Innovation. The Journal of Finance,Vol. 68,No. 4:1517-1549.
[15]Teece D. J.,1993. Profiting from Technological Innovation:Implications for Integration Collaboration Licensing and Public Policy. Research Policy,Vol. 22,No. 6:285-305.
[16] Dierickx I.,and Cool K.,1989. Asset Stock Accumulation and Sustainability of Competitive Advantage.Management Science,Vol. 35,No. 12:1504-1511.
[17]Weinstein D. E.,and Yafeh Y.,1998. On the Costs of a Bank-Centered Financial System:Evidence from the Changing Main Bank Relations in Japan. The Journal of Finance,Vol. 53,No. 2:635-672.
[18]Hsu P.,Tian X.,and Xu Y.,2014. Financial Development and Innovation:Cross-Country Evidence. Journal of Financial Economics,Vol. 112,No. 1:116-135.
[19]Myers S. C.,1977. Determinants of Corporate Borrowing. Journal of Financial Economics,Vol. 5,No. 2:147-175.
[20]Lang L.,Ofek E.,and Stulz R.,1995. Leverage,Investment,and Firm Growth. Journal of Financial Economics,Vol. 40,No. 1:3-29.
[21]肖泽忠,邹宏.中国上市公司资本结构的影响因素和股权融资偏好[J].经济研究,2008(6).
[22]Hellmann T.,and Puri M.,2002. Venture Capital and the Professionalization of Start-up Firms:Empirical Evidence. The Journal of Finance,Vol. 57,No. 1:169-197.
[23]Nanda R.,and Rhodes-Kropf M.,2013. Investment Cycles and Startup Innovation. Journal of Financial Economics,Vol. 110,No. 2:403-418.
[24]张永明,潘攀,邓超.私募股权融资能否缓解中小企业的投资不足[J].金融经济学研究,2018(3).
[25]Lerner J.,Sorensen M.,and Strmberg P.,2011. Private Equity and Long-Run Investment:The Case of Innovation. The Journal of Finance,Vol. 66,No. 2:445-477.
[26]付雷鸣,万迪昉,张雅慧. VC是更积极的投资者吗?——来自创业板上市公司创新投入的证据[J].金融研究,2012(10).
[27]Kirilenko A. A.,2001. Valuation and Control in Venture Finance. The Journal of Finance,Vol. 56,No. 2:565-587.
[28]Chan Yuk-Shee.,1983. On the Positive Role of Financial Intermediation in Allocation of Venture Capital in a Market with Imperfect Information. The Journal of Finance,Vol. 38,No. 5:1543-1568.
[29]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGINK的经验研究[J].南开管理评论,2008(1).
[30]周煜皓,张盛勇.金融错配、资产专用性与资本结构[J].会计研究,2014(8).
[31]Adam T.,and Goyal V.,2008. The Investment Opportunity Set and Its Proxy Variables. Journal of Financial Research,Vol. 31,No. 1:41-63.
[32]Chaney T.,Sraer D.,and Thesmar D.,2012. The Collateral Channel:How Real Estate Shocks Affect Corporate Investment. American Economic Review,Vol. 102,No. 6:2381-2409.
[33]Evans D. S.,and Jovanovic B.,1989. An Estimated Model of Entrepreneurial Choice under Liquidity Constraints. Journal of Political Economy,Vol. 97,No. 4:808-827.
[34]Graham J.,and Harvey C.,2001. The Theory and Practice of Corporate Finance:Evidence from the Field.Journal of Financial Economics,Vol. 60,No. 2-3:187-243.