企业所有权视角下融资活动与研发创新互动关系研究——对543家战略性新兴产业上市公司的实证分析
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摘要
企业融资活动与研发创新间互动关系的研究大多集中于融资活动对研发创新的影响,有关研发创新如何影响融资活动的研究认知尚存在争议。通过分析二者间的互动机理,提出所有权差异是导致互动关系异质的重要情景因素,进而构建PVAR模型,以2011—2016年我国内地战略性新兴产业上市公司为样本展开实证分析。结果发现:①4种融资活动均对企业研发创新产生积极影响,其中,内部融资对企业研发创新的促进效应最强,政府补助次之,最后为债务融资与股权融资;②研发创新能有效提升企业外部融资能力,但对内部融资和政府补助的促进效应较小;③内部融资、政府补助对非国企研发创新的激励效应高于国企,但国企研发创新对股权融资、债务融资的影响程度则高于非国企。
There exists dispute on the interactive relationship between enterprise financing activities and research & innovation.Most of the researches focus on the impact of enterprise financing activities on research and innovation,but there is no unified opinion on how research and innovation affects financing activities.This paper analyzes the interaction mechanism between enterprise financing activities and research & innovation,and puts forward that the difference in ownership of enterprises is an important situational factor that leads to the heterogeneity of the interaction relationship between the two parties.Based on the mechanism,the PVAR model is constructed to analyze the sample of the listed companies in strategic emerging industries from 2011 to 2016.The findings are as follows:①all four kinds of financing activities have a positive impact on research and innovation,among which the internal financing has the strongest effect on research and innovation,the government subsidy is the second,and the last is debt financing and equity financing;②research and innovation can effectively improve the external financing capability of enterprises,but has little effect on internal financing and government subsidies;③the incentive effect of internal financing and government subsidy on research and innovation of non-state-owned enterprises is higher than that of state-owned enterprises,but the influence of research and innovation on equity financing and debt financing is higher than that of non state-owned enterprises.
There exists dispute on the interactive relationship between enterprise financing activities and research & innovation.Most of the researches focus on the impact of enterprise financing activities on research and innovation,but there is no unified opinion on how research and innovation affects financing activities.This paper analyzes the interaction mechanism between enterprise financing activities and research & innovation,and puts forward that the difference in ownership of enterprises is an important situational factor that leads to the heterogeneity of the interaction relationship between the two parties.Based on the mechanism,the PVAR model is constructed to analyze the sample of the listed companies in strategic emerging industries from 2011 to 2016.The findings are as follows:①all four kinds of financing activities have a positive impact on research and innovation,among which the internal financing has the strongest effect on research and innovation,the government subsidy is the second,and the last is debt financing and equity financing;②research and innovation can effectively improve the external financing capability of enterprises,but has little effect on internal financing and government subsidies;③the incentive effect of internal financing and government subsidy on research and innovation of non-state-owned enterprises is higher than that of state-owned enterprises,but the influence of research and innovation on equity financing and debt financing is higher than that of non state-owned enterprises.
引文
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[17] 赵树宽,齐齐,张金峰,等.寻租视角下政府补助对企业创新的影响研究——基于中国上市公司数据[J].华东经济管理,2017(12):5-10.
[18] 李健,杨蓓蓓,潘镇.政府补助、股权集中度与企业创新可持续性[J].中国软科学,2016(6):180-192.
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[22] 张一林,龚强,荣昭.技术创新、股权融资与金融结构转型[J].管理世界,2016(11):65-80..
[23] PO-HSUAN HSU,XUAN TIAN,YAN XU.Financial development and innovation:cross-country evidence[J].Journal of Financial Economics,2013,112(1):116-135.
[24] ZHANG M,HE Y,ZHOU Z F.Study on the influence factors of high-tech enterprise credit risk:empirical evidence from China's listed companies [J].Procedia Computer Science,2013,17(17):901-910.
[25] 钟凯,程小可,肖翔,等.宏观经济政策影响企业创新投资吗——基于融资约束与融资来源视角的分析[J].南开管理评论,2017(6).
[26] KAHLE K M,STULZ R M.Access to capital,investment,and the financial crisis[J].Social Science Electronic Publishing,2013,110(2):280-299.
[27] IM K S,PESARAN M H,SHIN Y.Testing for unit roots in heterogeneous panels[J].Journal of Econometrics,2003,155(1):53-74.
[28] LVTKEPOHL H.Introduction to multiple time series analysis[J].Technometrics,1993,83(1):88.
[29] MYERS S C.The capital structure puzzle[J].Journal of Finance,1984,39(3):574-592.
[30] 潘亚岚,蒋华.财税激励政策影响企业R&D投入的实证分析[J].财会月刊,2012(33):14-17.
[31] 颜爱民,李歌.企业社会责任对员工行为的跨层分析——外部荣誉感和组织支持感的中介作用[J].管理评论,2016,28(1):121-129.
[32] 李沫,邢炜.金融波动加剧会抑制投资吗?——兼论国有企业占比的作用[J].江西社会科学,2017(8):71-80.
[33] 汪泉,曹阳.科技金融信用风险的识别、度量与控制[J].金融论坛,2014(4).
[34] 吴延兵.中国哪种所有制类型企业最具创新性[J].世界经济,2012(6):3-29.
[2] ZHENG S,STORESLETTEN K,ZILIBOTTI F.Growing like China[J].American Economic Review,2011,101(1):196-233.
[3] CHOI Y,YE X,ZHAO L,et al.Optimizing enterprise risk management:a literature review and critical analysis of the work of Wu and Olson[J].Annals of Operations Research,2016,237(1-2):281-300.
[4] 胡亚茹,陈丹丹,刘震.融资约束、企业研发投入的周期性与平滑机制——基于企业所有制视角[J].产业经济研究,2018(2):78-90.
[5] WHITED T M,WU G.Financial constraints risk[J].Review of Financial Studies,2006,19(2):531-559.
[6] BROWN J R.Law,stock markets,and innovation[J].Journal of Finance,2013,68(4):1517-1549.
[7] MIGENDT M.Private equity in clean technology:an exploratory study of the finance-innovation-policy Nexus[M].New York:Social science Electronic Publishing,2017.
[8] HALL B H,LERNER J.The financing of R&D and innovation[J].Handbook of the Economics of Innovation,2010(1):609-639.
[9] BARTOLONI E.Capital structure and innovation:causality and determinants[J].Empirica,2013,40(1):111-151.
[10] CHAVA S,OETTL A,SUBRAMANIAN A,et al.Banking deregulation and innovation[J].Journal of Financial Economics,2013,109(3):759-774.
[11] DIAMOND D W.Financial intermediation and delegated monitoring[J].Review of Economic Studies,1984,51(3):393-414.
[12] 钟田丽,马娜,胡彦斌.企业创新投入要素与融资结构选择——基于创业板上市公司的实证检验[J].会计研究,2014(4):66-73+96.
[13] 鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013(1):4-16.
[14] 娄昌龙,冉茂盛.融资约束下环境规制对企业技术创新的影响[J].系统工程,2016(12):62-69.
[15] 李春涛,郭培培,张璇.知识产权保护、融资途径与企业创新——基于跨国微观数据的分析[J].经济评论,2015(1):77-91.
[16] 岳怡廷,张西征.异质性企业创新投入资金来源差异及其变迁研究[J].科学学研究,2017,35(1):125-138.
[17] 赵树宽,齐齐,张金峰,等.寻租视角下政府补助对企业创新的影响研究——基于中国上市公司数据[J].华东经济管理,2017(12):5-10.
[18] 李健,杨蓓蓓,潘镇.政府补助、股权集中度与企业创新可持续性[J].中国软科学,2016(6):180-192.
[19] LOPESBENTO C.Innovation subsidies:does the funding source matter for innovation intensity and performance?empirical evidence from Germany[J].Industry & Innovation,2014,21(5):380-409.
[20] FACCIO M.Politically connected Firms[J].Social Science Electronic Publishing,2006,96(1):369-386.
[21] 张彩江,陈璐.政府对企业创新的补助是越多越好吗[J].科学学与科学技术管理,2016,37(11):11-19.
[22] 张一林,龚强,荣昭.技术创新、股权融资与金融结构转型[J].管理世界,2016(11):65-80..
[23] PO-HSUAN HSU,XUAN TIAN,YAN XU.Financial development and innovation:cross-country evidence[J].Journal of Financial Economics,2013,112(1):116-135.
[24] ZHANG M,HE Y,ZHOU Z F.Study on the influence factors of high-tech enterprise credit risk:empirical evidence from China's listed companies [J].Procedia Computer Science,2013,17(17):901-910.
[25] 钟凯,程小可,肖翔,等.宏观经济政策影响企业创新投资吗——基于融资约束与融资来源视角的分析[J].南开管理评论,2017(6).
[26] KAHLE K M,STULZ R M.Access to capital,investment,and the financial crisis[J].Social Science Electronic Publishing,2013,110(2):280-299.
[27] IM K S,PESARAN M H,SHIN Y.Testing for unit roots in heterogeneous panels[J].Journal of Econometrics,2003,155(1):53-74.
[28] LVTKEPOHL H.Introduction to multiple time series analysis[J].Technometrics,1993,83(1):88.
[29] MYERS S C.The capital structure puzzle[J].Journal of Finance,1984,39(3):574-592.
[30] 潘亚岚,蒋华.财税激励政策影响企业R&D投入的实证分析[J].财会月刊,2012(33):14-17.
[31] 颜爱民,李歌.企业社会责任对员工行为的跨层分析——外部荣誉感和组织支持感的中介作用[J].管理评论,2016,28(1):121-129.
[32] 李沫,邢炜.金融波动加剧会抑制投资吗?——兼论国有企业占比的作用[J].江西社会科学,2017(8):71-80.
[33] 汪泉,曹阳.科技金融信用风险的识别、度量与控制[J].金融论坛,2014(4).
[34] 吴延兵.中国哪种所有制类型企业最具创新性[J].世界经济,2012(6):3-29.