政府干预、金融错配与企业创新——基于制造业上市公司的研究
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摘要
本文建立了一个存在金融错配的厂商创新模型,并将政府干预引入模型,分析发现金融资源错配抑制了制造业企业的创新。而政府干预的影响是复杂的,取决于政府干预手段对企业的直接作用以及其通过影响金融资源配置对企业的间接作用,且这两种作用通常是相反的,即金融错配会削弱政府干预对企业创新的影响。本文运用2010~2016年间制造业上市企业的微观数据验证了上述结论,并且发现非国有企业和技术密集型产业具有更高的研发强度。指出加大对技术密集型产业和民营企业的金融资源配置和政府补助,加快竞争性国有企业行业改革等政策有助于促进企业的创新。
This paper establishes a manufacturer innovation model with financial misallocation and introduces government intervention into the model. The result shows that the mismatch of financial resources inhibits the innovation of manufacturing enterprises. While the impact of government intervention is complex and depends on the direct effect of government intervention on the firm and its indirect effect on the firm through the allocation of financial resources,both of which are often counterproductive. That is to say,financial misallocation would weaken the impact of government intervention on business innovation. This paper uses the micro-data of listed manufacturing companies from 2010 to 2016 to test and verify the above conclusions,also we find that non-state-owned enterprises and technology-intensive industries have a higher intensity of research and development. Which points out that increasing the allocation of financial resources and government subsidies to technology-intensive industries and private-owned enterprises and accelerating the reform of competitive state-owned enterprises can help to promote the innovation of enterprises.
This paper establishes a manufacturer innovation model with financial misallocation and introduces government intervention into the model. The result shows that the mismatch of financial resources inhibits the innovation of manufacturing enterprises. While the impact of government intervention is complex and depends on the direct effect of government intervention on the firm and its indirect effect on the firm through the allocation of financial resources,both of which are often counterproductive. That is to say,financial misallocation would weaken the impact of government intervention on business innovation. This paper uses the micro-data of listed manufacturing companies from 2010 to 2016 to test and verify the above conclusions,also we find that non-state-owned enterprises and technology-intensive industries have a higher intensity of research and development. Which points out that increasing the allocation of financial resources and government subsidies to technology-intensive industries and private-owned enterprises and accelerating the reform of competitive state-owned enterprises can help to promote the innovation of enterprises.
引文
[1]季熠.金融资源错配问题研究综述[J].经营与管理,2015,(8):109~111.
[2]张璟,沈坤荣.财政分权改革、地方政府行为与经济增长[J].江苏社会科学,2008,(3):56~62.
[3]张保柱,黄辉.考虑政府干预的企业R&D行为研究[J].财经论丛,2009,(3):9~14.
[4]李青原,李江冰,江春,等.金融发展与地区实体经济资本配置效率——来自省级工业行业数据的证据[J].经济学(季刊),2013,(2):527~548.
[5]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?——来自中小企业板上市公司的经验证据[J].金融研究,2015,(4):148~161.
[6]刘文革,周文召,仲深,等.金融发展中的政府干预、资本化进程与经济增长质量[J].经济学家,2014,(3):64~73.
[7]黎精明,郜进兴.财政分权、要素价格扭曲与国有企业过度投资[J].中南财经政法大学学报,2010,(1):78~83.
[8]陈雨露,马勇.地方政府的介入与农信社信贷资源错配[J].经济理论与经济管理,2010,(4):19~24.
[9]邢志平,靳来群.政府干预的金融资源错配效应研究——以中国国有经济部门与民营经济部门为例的分析[J].上海经济研究,2016,(4):23~31,68.
[10]韩剑,郑秋玲.政府干预如何导致地区资源错配——基于行业内和行业间错配的分解[J].中国工业经济,2014,(11):69~81.
[11]战明华.金融摩擦、货币政策银行信贷渠道与信贷资源的产业间错配[J].金融研究,2015,(5):1~17.
[12]李四海,邹萍,宋献中.货币政策、信贷资源配置与金融漏损——来自我国上市公司的经验证据[J].经济科学,2015,(3):77~88.
[13]黎齐.货币政策、利率市场化与信贷资源错配——基于非平等市场地位的信贷市场资金供给平衡模型[J].金融经济学研究,2016,(2):3~13.
[14]Saint-Paul G.Technological Choice,Financial Markets and Economic Development[J].European Economic Review,1992,36(4):763~781.
[15]King R G,Levine R.Finance and Growth:Schumpeter Might Be Right[J].The Quarterly Journal of Economics,1993,108(3):717~37.
[16]Morales,MaríF A.Financial Intermediation in a Model of Growth Through Creative Destruction[J].Macroeconomic Dynamics,2001,7(7):363~393.
[17]Acemoglu D,Aghion P,Zilibotti F.Distance to Frontier,Selection,and Economic Growth[R].Nber Working Papers,2002,4(1):37~74.
[18]Dela Fuente,Angel,Marin,Jose Maria.Innovation,Bank Monitoring,and Endogenous Financial Development[J].Journalof Monetary Economics,Elsevier,1996,38(2):269~301.
[19]Blackburn,Keith,Victor T Y Hung.A Theory of Growth,Financial Development and Trade[J].Economica,1998,65(257):107~124.
[20]Ayyagari,Meghana,et al.Firm Innovation in Emerging Markets:The Role of Finance,Governance,and Competition[J].The Journal of Financial and Quantitative Analysis,2011,46(6):1545~1580.
[21]Brown J R,Fazzari S M,Petersen B C.Financing Innovation and Growth:Cash Flow,External Equity,and the 1990s R&D Boom[J].Journal of Finance,2009,64(1):151~185.
[22]余利丰,邓柏盛,王菲.金融发展与中国生产率增长——随机前沿分析的视角[J].管理科学,2011,(4):105~112.
[23]金雪军,郑冰开.金融发展、技术进步与全要素生产率关系研究[J].统计与决策,2013,(11):163~166.
[24]方大春,杨义武.中国高新技术产业金融发展与全要素生产率的实证检验[J].统计与决策,2014,16:128~131.
[25]张佩,马弘.借贷约束与资源错配——来自中国的经验证据[J].清华大学学报(自然科学版),2012,(9):1303~1308.
[26]Hsieh,Chang-Tai,Peter J.Klenow.Misallocation and Manufacturing TFP in China and India[J].The Quarterly Journal of Economics,2009,124(4):1403~1448.
[27]Moll,Benjamin.Productivity Losses from Financial Frictions:Can Self-Financing Undo Capital Misallocation?[J].The American Economic Review,2014,104(10):3186~3221.
[28]Midrigin,Virgiliu,D Xu.Finance and Misallocation:Evidence from Plant-Level Data[J].American Economic Review,2014,104(2):422~458.
[29]鲁晓东.金融资源错配阻碍了中国的经济增长吗[J].金融研究,2008,(4):55~68.
[30]张庆君,李雨霏,毛雪.所有制结构、金融错配与全要素生产率[J].财贸研究,2016,(4):9~15,23.
[31]张建华,邹凤明.资源错配对经济增长的影响及其机制研究进展[J].经济学动态,2015,(1):122~136.
[32]戴静,张建华.金融所有制歧视、所有制结构与创新产出——来自中国地区工业部门的证据[J].金融研究,2013,(5):86~98.
[33]康志勇.金融错配阻碍了中国本土企业创新吗?[J].研究与发展管理,2014,(5):63~72.
[34]Gorodnichenko Y,Schnitzer M.Financial Constraints and Innovation:Why Poor Countries Don’t Catch UP[J].Journal of the European Economic Association,2013,11(5):1115~1152.
[35]Aghion P,Howitt P.The Economics of Growth[M].MIT Press,2009.
[36]孙刚,宋夏云.金融市场化、政府干预机制与企业创新投入效率[J].财经论丛,2016,(2):47~55.
[37]孙婷,温军,秦建群.金融中介发展、政府干预与企业技术创新——来自我国转轨经济的经验证据[J].科技进步与对策,2011,(20):75~79.
[38]杨晔,王鹏,李怡虹,等.财政补贴对企业研发投入和绩效的影响研究——来自中国创业板上市公司的经验证据[J].财经论丛,2015,(1):24~31.
[39]刘小玄,周晓艳.金融资源与实体经济之间配置关系的检验——兼论经济结构失衡的原因[J].金融研究,2011,(2):57~70.
[40]邵挺.金融错配、所有制结构与资本回报率:来自1999~2007年我国工业企业的研究[J].金融研究,2010,(9):51~68.
[2]张璟,沈坤荣.财政分权改革、地方政府行为与经济增长[J].江苏社会科学,2008,(3):56~62.
[3]张保柱,黄辉.考虑政府干预的企业R&D行为研究[J].财经论丛,2009,(3):9~14.
[4]李青原,李江冰,江春,等.金融发展与地区实体经济资本配置效率——来自省级工业行业数据的证据[J].经济学(季刊),2013,(2):527~548.
[5]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?——来自中小企业板上市公司的经验证据[J].金融研究,2015,(4):148~161.
[6]刘文革,周文召,仲深,等.金融发展中的政府干预、资本化进程与经济增长质量[J].经济学家,2014,(3):64~73.
[7]黎精明,郜进兴.财政分权、要素价格扭曲与国有企业过度投资[J].中南财经政法大学学报,2010,(1):78~83.
[8]陈雨露,马勇.地方政府的介入与农信社信贷资源错配[J].经济理论与经济管理,2010,(4):19~24.
[9]邢志平,靳来群.政府干预的金融资源错配效应研究——以中国国有经济部门与民营经济部门为例的分析[J].上海经济研究,2016,(4):23~31,68.
[10]韩剑,郑秋玲.政府干预如何导致地区资源错配——基于行业内和行业间错配的分解[J].中国工业经济,2014,(11):69~81.
[11]战明华.金融摩擦、货币政策银行信贷渠道与信贷资源的产业间错配[J].金融研究,2015,(5):1~17.
[12]李四海,邹萍,宋献中.货币政策、信贷资源配置与金融漏损——来自我国上市公司的经验证据[J].经济科学,2015,(3):77~88.
[13]黎齐.货币政策、利率市场化与信贷资源错配——基于非平等市场地位的信贷市场资金供给平衡模型[J].金融经济学研究,2016,(2):3~13.
[14]Saint-Paul G.Technological Choice,Financial Markets and Economic Development[J].European Economic Review,1992,36(4):763~781.
[15]King R G,Levine R.Finance and Growth:Schumpeter Might Be Right[J].The Quarterly Journal of Economics,1993,108(3):717~37.
[16]Morales,MaríF A.Financial Intermediation in a Model of Growth Through Creative Destruction[J].Macroeconomic Dynamics,2001,7(7):363~393.
[17]Acemoglu D,Aghion P,Zilibotti F.Distance to Frontier,Selection,and Economic Growth[R].Nber Working Papers,2002,4(1):37~74.
[18]Dela Fuente,Angel,Marin,Jose Maria.Innovation,Bank Monitoring,and Endogenous Financial Development[J].Journalof Monetary Economics,Elsevier,1996,38(2):269~301.
[19]Blackburn,Keith,Victor T Y Hung.A Theory of Growth,Financial Development and Trade[J].Economica,1998,65(257):107~124.
[20]Ayyagari,Meghana,et al.Firm Innovation in Emerging Markets:The Role of Finance,Governance,and Competition[J].The Journal of Financial and Quantitative Analysis,2011,46(6):1545~1580.
[21]Brown J R,Fazzari S M,Petersen B C.Financing Innovation and Growth:Cash Flow,External Equity,and the 1990s R&D Boom[J].Journal of Finance,2009,64(1):151~185.
[22]余利丰,邓柏盛,王菲.金融发展与中国生产率增长——随机前沿分析的视角[J].管理科学,2011,(4):105~112.
[23]金雪军,郑冰开.金融发展、技术进步与全要素生产率关系研究[J].统计与决策,2013,(11):163~166.
[24]方大春,杨义武.中国高新技术产业金融发展与全要素生产率的实证检验[J].统计与决策,2014,16:128~131.
[25]张佩,马弘.借贷约束与资源错配——来自中国的经验证据[J].清华大学学报(自然科学版),2012,(9):1303~1308.
[26]Hsieh,Chang-Tai,Peter J.Klenow.Misallocation and Manufacturing TFP in China and India[J].The Quarterly Journal of Economics,2009,124(4):1403~1448.
[27]Moll,Benjamin.Productivity Losses from Financial Frictions:Can Self-Financing Undo Capital Misallocation?[J].The American Economic Review,2014,104(10):3186~3221.
[28]Midrigin,Virgiliu,D Xu.Finance and Misallocation:Evidence from Plant-Level Data[J].American Economic Review,2014,104(2):422~458.
[29]鲁晓东.金融资源错配阻碍了中国的经济增长吗[J].金融研究,2008,(4):55~68.
[30]张庆君,李雨霏,毛雪.所有制结构、金融错配与全要素生产率[J].财贸研究,2016,(4):9~15,23.
[31]张建华,邹凤明.资源错配对经济增长的影响及其机制研究进展[J].经济学动态,2015,(1):122~136.
[32]戴静,张建华.金融所有制歧视、所有制结构与创新产出——来自中国地区工业部门的证据[J].金融研究,2013,(5):86~98.
[33]康志勇.金融错配阻碍了中国本土企业创新吗?[J].研究与发展管理,2014,(5):63~72.
[34]Gorodnichenko Y,Schnitzer M.Financial Constraints and Innovation:Why Poor Countries Don’t Catch UP[J].Journal of the European Economic Association,2013,11(5):1115~1152.
[35]Aghion P,Howitt P.The Economics of Growth[M].MIT Press,2009.
[36]孙刚,宋夏云.金融市场化、政府干预机制与企业创新投入效率[J].财经论丛,2016,(2):47~55.
[37]孙婷,温军,秦建群.金融中介发展、政府干预与企业技术创新——来自我国转轨经济的经验证据[J].科技进步与对策,2011,(20):75~79.
[38]杨晔,王鹏,李怡虹,等.财政补贴对企业研发投入和绩效的影响研究——来自中国创业板上市公司的经验证据[J].财经论丛,2015,(1):24~31.
[39]刘小玄,周晓艳.金融资源与实体经济之间配置关系的检验——兼论经济结构失衡的原因[J].金融研究,2011,(2):57~70.
[40]邵挺.金融错配、所有制结构与资本回报率:来自1999~2007年我国工业企业的研究[J].金融研究,2010,(9):51~68.