金融结构与国家创新:来自OECD国家的证据
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摘要
本文利用1989—2015年OECD国家行业面板数据,研究金融结构对该国制造业创新活动的影响。研究发现,独立型融资(例如,股票市场)越发达,越能显著地增加行业研发支出,这种影响在外部融资依赖性较强的行业尤为强烈。然而,关系型融资(例如,信贷市场)对创新活动的影响方向难以确定。当进一步引入风险投资市场相关变量时,关系型融资不再显著影响行业研发支出。以上结论对衡量行业创新活动的不同指标均稳健。考虑内生性问题,本文还使用了国家层面的面板VAR模型,发现一单位风险投资市场发展的冲击,对国家整体研发支出增长有较强的影响。本文结论能够为我国建设创新型国家获得金融支持提供决策依据,为如何提升金融服务实体经济能力提供参考建议。
This paper investigates the effects of financial structure on national innovation in manufacturing industries using an industry-level panel data set of OECD countries from 1989 to 2015. The empirical results show that the more arm's length financing(e.g., stock market) is developed, the higher the industrial R&D expenditure becomes, which is especially obvious in industries more dependent on external finance. However, it is hard to determine the effects of relational financing(e.g., credit market) on R&D expenditure. Moreover, the effects of relational financing turn to be insignificant when venture capital market is controlled. This paper also discovers, with country-level panel VAR, that the shock of one standard deviation from venture capital market development will impose strong effects on national R&D expenditures. The conclusions may provide solid evidences and suggestions on the financial supports for China's construction of innovation-oriented country.
This paper investigates the effects of financial structure on national innovation in manufacturing industries using an industry-level panel data set of OECD countries from 1989 to 2015. The empirical results show that the more arm's length financing(e.g., stock market) is developed, the higher the industrial R&D expenditure becomes, which is especially obvious in industries more dependent on external finance. However, it is hard to determine the effects of relational financing(e.g., credit market) on R&D expenditure. Moreover, the effects of relational financing turn to be insignificant when venture capital market is controlled. This paper also discovers, with country-level panel VAR, that the shock of one standard deviation from venture capital market development will impose strong effects on national R&D expenditures. The conclusions may provide solid evidences and suggestions on the financial supports for China's construction of innovation-oriented country.
引文
[1]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
[2]吴淑娥,仲伟周,卫剑波,黄振雷.融资来源、现金持有与研发平滑———来自我国生物医药制造业的经验证据[J].经济学(季刊), 2016(2):745-766
[3]张成思,刘贯春.最优金融结构的存在性、动态特征及经济增长效应[J].管理世界, 2016(1):66-77
[4]周开国,卢允之,杨海生.融资约束、创新能力与企业协同创新[J].经济研究, 2017(7):94-108
[5] Acharya, V. and Xu, Z. Financial Dependence and Innovation:The Case of Public Versus Private Firms[J]. Journal of Financial Economics, 2017(124):223-243
[6] Aghion, P., Van Reenen, J. and Zingales, L. Innovation and Institutional Ownership[J]. American Economic Review,2013(103):277-304
[7] Atanassov, J. Arm's Length Financing and Innovation:Evidence from Publicly Traded Firms[J]. Management Science, 2015(62):128-155
[8] Beck, T. and Levine, R. Industry Growth and Capital Allocation:Does Having a Market-Or Bank-Based System Matter?[J]. Journal of Financial Economics, 2002(64):147-180
[9] Beck, T., Demirgü觭-Kunt, A. and Levine, R. Financial Institutions and Markets across Countries and over Time:The Updated Financial Development and Structure Database[J]. The World Bank Economic Review, 2010(24):77-92
[10] Bena, J. and Li, K. Corporate Innovations and Mergers and Acquisitions[J]. The Journal of Finance, 2014(69):1923-1960
[11] Bernstein, S. Does Going Public Affect Innovation?[J]. The Journal of Finance, 2015(70):1365-1403
[12] Brown, J. R., Fazzari, S. M. and Petersen, B. C. Financing Innovation and Growth:Cash Flow, External Equity,and the 1990s R&D Boom[J]. The Journal of Finance, 2009(64):151-185
[13] Brown, J. R., Martinsson, G. and Petersen, B. C. Law, Stock Markets, and Innovation[J]. The Journal of Finance,2013(68):1517-1549
[14] Chemmanur, T. J., Loutskina, E. and Tian, X. Corporate Venture Capital, Value Creation, and Innovation[J].The Review of Financial Studies, 2014(27):2434-2473
[15] Cihák, M., Demirgü觭-Kunt, A., Feyen, E. and Levine, R. Benchmarking Financial Systems around the World[J]. 2012
[16] Ferreira, D., Manso, G. and Silva, A. C. Incentives to Innovate and the Decision to Go Public or Private[J]. The Review of Financial Studies, 2012(27):256-300
[17] Grossman, G. M. and Helpman, E. Quality Ladders in the Theory of Growth[J]. The Review of Economic Studies,1991(58):43-61
[18] Hall, B. H. and Lerner, J., The Financing of R&D and Innovation, Handbook of the Economics of Innovation,Vol 1, Elsevier, 2010:609-639
[19] Hall, R. E. and Woodward, S. E. The Burden of the Nondiversifiable Risk of Entrepreneurship[J]. American Economic Review, 2010(100):1163-1194
[20] Hsu, P., Tian, X. and Xu, Y. Financial Development and Innovation:Cross-Country Evidence[J]. Journal of Financial Economics, 2014(112):116-135
[21] King, R. G. and Levine, R. Finance, Entrepreneurship and Growth[J]. Journal of Monetary Economics, 1993(32):513-542
[22] Levine, R., Loayza, N. and Beck, T. Financial Intermediation and Growth:Causality and Causes[J]. Journal of Monetary Economics, 2000(46):31-77
[23] Manso, G. Motivating Innovation[J]. The Journal of Finance, 2011(66):1823-1860
[24] Maskus, K. E., Neumann, R. and Seidel, T. How National and International Financial Development Affect Industrial R&D[J]. European Economic Review, 2012(56):72-83
[25] Nanda, R., Samila, S. and Sorenson, O. The Persistent Effect of Initial Success:Evidence from Venture Capital[J]. 2017
[26] Rajan, R. G. and Zingales, L. Financial Dependence and Growth[J]. American Economic Review, 1998:559-586
[27] Robinson, J. The Rate of Interest and Other Essays[M]. Macmillan, 1952
[28] Schumpeter, J. The Theory of Economic Development[M]. Harvard University Press, 1911:61-116
[29] Solow, R. M. Technical Change and the Aggregate Production Function[J]. The Review of Economics and Statistics,1957:312-320
[30] Stiglitz, J. E. Information and Economic Analysis:A Perspective[J]. The Economic Journal, 1985(95):21-41
[31] Tian, X. and Wang, T. Y. Tolerance for Failure and Corporate Innovation[J]. The Review of Financial Studies, 2011(27):211-255
(1)本文所用数据覆盖了31个国家的32个行业。31个国家分别为澳大利亚、奥地利、比利时、加拿大、智利、捷克、丹麦、爱沙尼亚、芬兰、法国、德国、匈牙利、冰岛、爱尔兰、以色列、意大利、日本、韩国、墨西哥、荷兰、新西兰、挪威、波兰、葡萄牙、斯洛伐克、斯洛文尼亚、西班牙、瑞典、瑞士、土耳其、英国。由于美国数据用于计算行业融资依赖性,因此本文不包含美国数据。部分细分行业由于数据缺失,被加总到更大的行业中,因此参与回归共有21个行业。此外,美国专利局的样本中共计26个行业。在处理数据过程中,我们发现许多匹配上的问题(如NAICS和ISIC存在一对多的情形)。由于篇幅所限,不再详细叙述处理过程,感兴趣的读者可向作者索取。
(2)该数据股市市值和银行贷款余额来自国际货币基金组织(IMF),然而某些国家的股票市场数据存在缺失,因此总样本量会偏少(Beck et al.,2010;Cihák et al.,2012)。因此,本文通过手工搜集各国相关数据加以补充,感兴趣的读者可联系作者索取。此外,部分学者所使用的VentureXpert数据库来自各地大型风险投资者自拟的报告,因此它们可能并没有报告失败的案例(Nanda et al.,2017),低估了风投发展程度。
(1)篇幅有限,未列示检验结果,感兴趣的读者可向作者索取。
(1)一方面,许多研究均使用股票市场与银行信贷作为金融结构的衡量指标,本文为了保持一致性也如此构造该变量(张成思和刘贯春,2016);另一方面,正如前文所述,风险投资活动兼具了两种融资方式的优势,因此不能简单地归入直接融资或者间接融资。
(1)为了更直接比较系数大小,通过引入虚拟变量以检验相邻两组系数之间的差异,所有模型的系数检验均在10%下显著。从第三组到第一组,风险投资与外部融资依赖性的交乘项系数逐渐增加,但是股市交乘项则没有此结果。回归结果可向作者索取。
[2]吴淑娥,仲伟周,卫剑波,黄振雷.融资来源、现金持有与研发平滑———来自我国生物医药制造业的经验证据[J].经济学(季刊), 2016(2):745-766
[3]张成思,刘贯春.最优金融结构的存在性、动态特征及经济增长效应[J].管理世界, 2016(1):66-77
[4]周开国,卢允之,杨海生.融资约束、创新能力与企业协同创新[J].经济研究, 2017(7):94-108
[5] Acharya, V. and Xu, Z. Financial Dependence and Innovation:The Case of Public Versus Private Firms[J]. Journal of Financial Economics, 2017(124):223-243
[6] Aghion, P., Van Reenen, J. and Zingales, L. Innovation and Institutional Ownership[J]. American Economic Review,2013(103):277-304
[7] Atanassov, J. Arm's Length Financing and Innovation:Evidence from Publicly Traded Firms[J]. Management Science, 2015(62):128-155
[8] Beck, T. and Levine, R. Industry Growth and Capital Allocation:Does Having a Market-Or Bank-Based System Matter?[J]. Journal of Financial Economics, 2002(64):147-180
[9] Beck, T., Demirgü觭-Kunt, A. and Levine, R. Financial Institutions and Markets across Countries and over Time:The Updated Financial Development and Structure Database[J]. The World Bank Economic Review, 2010(24):77-92
[10] Bena, J. and Li, K. Corporate Innovations and Mergers and Acquisitions[J]. The Journal of Finance, 2014(69):1923-1960
[11] Bernstein, S. Does Going Public Affect Innovation?[J]. The Journal of Finance, 2015(70):1365-1403
[12] Brown, J. R., Fazzari, S. M. and Petersen, B. C. Financing Innovation and Growth:Cash Flow, External Equity,and the 1990s R&D Boom[J]. The Journal of Finance, 2009(64):151-185
[13] Brown, J. R., Martinsson, G. and Petersen, B. C. Law, Stock Markets, and Innovation[J]. The Journal of Finance,2013(68):1517-1549
[14] Chemmanur, T. J., Loutskina, E. and Tian, X. Corporate Venture Capital, Value Creation, and Innovation[J].The Review of Financial Studies, 2014(27):2434-2473
[15] Cihák, M., Demirgü觭-Kunt, A., Feyen, E. and Levine, R. Benchmarking Financial Systems around the World[J]. 2012
[16] Ferreira, D., Manso, G. and Silva, A. C. Incentives to Innovate and the Decision to Go Public or Private[J]. The Review of Financial Studies, 2012(27):256-300
[17] Grossman, G. M. and Helpman, E. Quality Ladders in the Theory of Growth[J]. The Review of Economic Studies,1991(58):43-61
[18] Hall, B. H. and Lerner, J., The Financing of R&D and Innovation, Handbook of the Economics of Innovation,Vol 1, Elsevier, 2010:609-639
[19] Hall, R. E. and Woodward, S. E. The Burden of the Nondiversifiable Risk of Entrepreneurship[J]. American Economic Review, 2010(100):1163-1194
[20] Hsu, P., Tian, X. and Xu, Y. Financial Development and Innovation:Cross-Country Evidence[J]. Journal of Financial Economics, 2014(112):116-135
[21] King, R. G. and Levine, R. Finance, Entrepreneurship and Growth[J]. Journal of Monetary Economics, 1993(32):513-542
[22] Levine, R., Loayza, N. and Beck, T. Financial Intermediation and Growth:Causality and Causes[J]. Journal of Monetary Economics, 2000(46):31-77
[23] Manso, G. Motivating Innovation[J]. The Journal of Finance, 2011(66):1823-1860
[24] Maskus, K. E., Neumann, R. and Seidel, T. How National and International Financial Development Affect Industrial R&D[J]. European Economic Review, 2012(56):72-83
[25] Nanda, R., Samila, S. and Sorenson, O. The Persistent Effect of Initial Success:Evidence from Venture Capital[J]. 2017
[26] Rajan, R. G. and Zingales, L. Financial Dependence and Growth[J]. American Economic Review, 1998:559-586
[27] Robinson, J. The Rate of Interest and Other Essays[M]. Macmillan, 1952
[28] Schumpeter, J. The Theory of Economic Development[M]. Harvard University Press, 1911:61-116
[29] Solow, R. M. Technical Change and the Aggregate Production Function[J]. The Review of Economics and Statistics,1957:312-320
[30] Stiglitz, J. E. Information and Economic Analysis:A Perspective[J]. The Economic Journal, 1985(95):21-41
[31] Tian, X. and Wang, T. Y. Tolerance for Failure and Corporate Innovation[J]. The Review of Financial Studies, 2011(27):211-255
(1)本文所用数据覆盖了31个国家的32个行业。31个国家分别为澳大利亚、奥地利、比利时、加拿大、智利、捷克、丹麦、爱沙尼亚、芬兰、法国、德国、匈牙利、冰岛、爱尔兰、以色列、意大利、日本、韩国、墨西哥、荷兰、新西兰、挪威、波兰、葡萄牙、斯洛伐克、斯洛文尼亚、西班牙、瑞典、瑞士、土耳其、英国。由于美国数据用于计算行业融资依赖性,因此本文不包含美国数据。部分细分行业由于数据缺失,被加总到更大的行业中,因此参与回归共有21个行业。此外,美国专利局的样本中共计26个行业。在处理数据过程中,我们发现许多匹配上的问题(如NAICS和ISIC存在一对多的情形)。由于篇幅所限,不再详细叙述处理过程,感兴趣的读者可向作者索取。
(2)该数据股市市值和银行贷款余额来自国际货币基金组织(IMF),然而某些国家的股票市场数据存在缺失,因此总样本量会偏少(Beck et al.,2010;Cihák et al.,2012)。因此,本文通过手工搜集各国相关数据加以补充,感兴趣的读者可联系作者索取。此外,部分学者所使用的VentureXpert数据库来自各地大型风险投资者自拟的报告,因此它们可能并没有报告失败的案例(Nanda et al.,2017),低估了风投发展程度。
(1)篇幅有限,未列示检验结果,感兴趣的读者可向作者索取。
(1)一方面,许多研究均使用股票市场与银行信贷作为金融结构的衡量指标,本文为了保持一致性也如此构造该变量(张成思和刘贯春,2016);另一方面,正如前文所述,风险投资活动兼具了两种融资方式的优势,因此不能简单地归入直接融资或者间接融资。
(1)为了更直接比较系数大小,通过引入虚拟变量以检验相邻两组系数之间的差异,所有模型的系数检验均在10%下显著。从第三组到第一组,风险投资与外部融资依赖性的交乘项系数逐渐增加,但是股市交乘项则没有此结果。回归结果可向作者索取。