产融结合能促进企业技术创新吗——来自上市公司参股非上市银行的证据
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摘要
从产融结合视角考察企业参股非上市银行对其技术创新的影响,发现参股非上市银行的企业具有更多发明专利和其他专利申请,表明参股非上市银行有助于增加企业技术创新数量并提升创新质量;相对于大企业和金融发展水平较高地区企业,小企业和金融发展水平落后地区企业参股非上市银行所带来的创新促进效应更为显著;进一步分析发现,参股非上市银行企业获得了更多的低成本银行贷款,表明参股非上市银行主要通过缓解融资约束途径影响技术创新;此外,参股非上市银行所引致的技术创新有助于增强企业经营绩效。
From the perspective of industry and finance integration, this paper investigates the effect of enterprises holding shares in non-listed banks on their technical innovations. It is found that the enterprises holding shares of the non-listed banks have more patents for innovations and other patent applications, indicating that holding shares of non-listed banks can help to increase the number of corporate technical innovations and improve the quality of the innovations; compared with the big enterprises and the enterprises located in regions with higher level of financial development, small enterprises and the enterprises located in the regions with lower level of financial development will have more significant effects of innovation when holding shares of the non-listed banks; further analysis finds that firms holding shares in non-listed banks can get more bank loans with lower costs, suggesting that holding shares in non-listed banks can affect the technical innovation mainly through relieving financing constraints. Besides, the technical innovations resulted from holding shares in non-listed banks can improve the corporate operational performance.
From the perspective of industry and finance integration, this paper investigates the effect of enterprises holding shares in non-listed banks on their technical innovations. It is found that the enterprises holding shares of the non-listed banks have more patents for innovations and other patent applications, indicating that holding shares of non-listed banks can help to increase the number of corporate technical innovations and improve the quality of the innovations; compared with the big enterprises and the enterprises located in regions with higher level of financial development, small enterprises and the enterprises located in the regions with lower level of financial development will have more significant effects of innovation when holding shares of the non-listed banks; further analysis finds that firms holding shares in non-listed banks can get more bank loans with lower costs, suggesting that holding shares in non-listed banks can affect the technical innovation mainly through relieving financing constraints. Besides, the technical innovations resulted from holding shares in non-listed banks can improve the corporate operational performance.
引文
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[2]中国企业家调查系统.企业经营者对宏观形势及企业经营状况的判断、问题和建议———2015中国企业经营者问卷跟踪调查报告[J].管理世界,2015,(12):5-21.
[3]Houston J. F., Jiang L., Lin C., Ma Y.. Political Connections and the Cost of Bank Loans[J]. Journal of Accounting Research, 2014, 52(1):193-243.
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[5]中国企业家调查系统.资本市场与中国企业家成长:现状与未来、问题与建议———2011中国企业经营者成长与发展专题调查报告[J].管理世界,2011,(6):76-90.
[6]万良勇,廖明情,胡璟.产融结合与企业融资约束———基于上市公司参股银行的实证研究[J].南开管理评论,2015,(2):64-72.
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[13]王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社,2017.
[14]江伟,李斌.制度环境、国有产权与银行差别贷款[J].金融研究,2006,(11):119-129.
[15]Hsu P., Tian X., Xu Y.. Financial Development and Innovation:Cross-country Evidence[J]. Journal of Financial Economics, 2014, 112(1):116-135.
[16]杨鸣京,程小可,李昊洋.机构投资者调研、公司特征与企业创新绩效[J].当代财经,2018,(2):84-93.
[17]熊家财,桂荷发.风险投资、派驻董事与企业创新[J].当代财经,2018,(4):123-133.
[18]He Z., Tong T., Zhang Y., He W.. Constructing a Chinese Patent Database of Listed Firms in China:Descriptions,Lessons, and Insights[J]. Journal of Economics&Management Strategy, 2018, 27(3):579-606.
[19]吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效[J].经济研究,2016,(11):125-139.
[20]温忠麟,张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004,(5):614-620.
[21]黄小琳,朱松,陈关亭.持股金融机构对企业负债融资与债务结构的影响[J].金融研究,2015,(12):130-145.
[22]陈栋,陈运森.银行股权关联、倾向政策变更与上市公司现金管理[J].金融研究,2012,(12):122-136.
(1)具体参见中国企业家调查系统的《中国企业经营者问卷跟踪调查报告》(2004—2017),每年的调查报告均刊载在当年的《管理世界》杂志上。
(1)因版面限制未报告详细结果,如有需要的读者可向作者索取。
[2]中国企业家调查系统.企业经营者对宏观形势及企业经营状况的判断、问题和建议———2015中国企业经营者问卷跟踪调查报告[J].管理世界,2015,(12):5-21.
[3]Houston J. F., Jiang L., Lin C., Ma Y.. Political Connections and the Cost of Bank Loans[J]. Journal of Accounting Research, 2014, 52(1):193-243.
[4]蔡吉甫.政治关系、银行贷款与民营企业商业信用筹资[J].江西财经大学学报,2013,(3):5-17.
[5]中国企业家调查系统.资本市场与中国企业家成长:现状与未来、问题与建议———2011中国企业经营者成长与发展专题调查报告[J].管理世界,2011,(6):76-90.
[6]万良勇,廖明情,胡璟.产融结合与企业融资约束———基于上市公司参股银行的实证研究[J].南开管理评论,2015,(2):64-72.
[7]蔺元.我国上市公司产融结合效果分析[J].南开管理评论,2010,(5):153-160.
[8]Laeven L.. Insider Lending and Bank Ownership:The Case of Russia[J]. Journal of Comparative Economics, 2001, 29(2):207-229.
[9]张敏,刘颛,张雯.关联贷款与商业银行的薪酬契约[J].金融研究,2012,(5):108-122.
[10]Almeida H., Campello M., Weisbach M. S.. The Cash Flow Sensitivity of Cash[J]. Journal of Finance, 2004, 59(4):1777-1804.
[11]胡乃武,罗丹阳.对中小企业融资约束的重新解释[J].经济与管理研究,2006,(10):41-47.
[12]蔡地,黄建山,李春米,刘衡.民营企业的政治关联与技术创新[J].经济评论,2014,(2):65-76.
[13]王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社,2017.
[14]江伟,李斌.制度环境、国有产权与银行差别贷款[J].金融研究,2006,(11):119-129.
[15]Hsu P., Tian X., Xu Y.. Financial Development and Innovation:Cross-country Evidence[J]. Journal of Financial Economics, 2014, 112(1):116-135.
[16]杨鸣京,程小可,李昊洋.机构投资者调研、公司特征与企业创新绩效[J].当代财经,2018,(2):84-93.
[17]熊家财,桂荷发.风险投资、派驻董事与企业创新[J].当代财经,2018,(4):123-133.
[18]He Z., Tong T., Zhang Y., He W.. Constructing a Chinese Patent Database of Listed Firms in China:Descriptions,Lessons, and Insights[J]. Journal of Economics&Management Strategy, 2018, 27(3):579-606.
[19]吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效[J].经济研究,2016,(11):125-139.
[20]温忠麟,张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004,(5):614-620.
[21]黄小琳,朱松,陈关亭.持股金融机构对企业负债融资与债务结构的影响[J].金融研究,2015,(12):130-145.
[22]陈栋,陈运森.银行股权关联、倾向政策变更与上市公司现金管理[J].金融研究,2012,(12):122-136.
(1)具体参见中国企业家调查系统的《中国企业经营者问卷跟踪调查报告》(2004—2017),每年的调查报告均刊载在当年的《管理世界》杂志上。
(1)因版面限制未报告详细结果,如有需要的读者可向作者索取。