融资异质性如何影响中国制造业企业创新模式选择?
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摘要
在金融发展滞后的国家或地区,融资异质性已成为制约制造业企业从技术模仿走向自主创新的重要问题。本文利用2012年世界银行中国企业调查数据,研究企业融资约束与融资结构的异质性特征对创新模式选择的影响。结果表明:从融资约束异质性来看,较强的融资约束显著抑制了企业自主创新模式选择,迫使企业选择模仿创新。从融资结构异质性来看,内源融资对企业自主创新的促进作用相对模仿创新更强,而债权融资的抑制作用也相对更强;股权投资对企业自主创新具有一定的促进作用,且不利于企业模仿创新;非正规金融会抑制企业的自主创新。进一步研究发现,对于研发投入强度较高或地区金融发展水平较低的企业,其自主创新受到融资约束的负向影响更大,且更依赖于内源融资与股权融资,而受到债权融资与非正规金融的抑制作用也更明显。因此,需要进一步缓解企业创新的融资约束,扩大企业股权融资占比,降低债权融资与非正规金融占比,促进企业自主创新模式选择。
In countries or regions with lagging financial development,financing heterogeneity has become an important problem restricting manufacturing enterprises from technological imitation to independent innovation. This paper uses the2012 World Bank China Enterprise Survey data to study the impact of heterogeneity of financing constraints and financing structure on the choice of innovation mode. The results show that from the perspective of heterogeneity of financing constraints,strong financing constraints significantly inhibit the choice of independent innovation mode and force enterprises to choose imitation innovation. From the perspective of heterogeneity of financing structure,endogenous financing has a stronger promoting effect on enterprises' independent innovation than imitative innovation,while debt financing has a stronger restraining effect; equity investment can promote the independent innovation of enterprises to some extent and is not conducive to the imitation innovation of enterprises; informal finance will restrain the independent innovation of enterprises. Further research shows that for enterprises with higher R&D input intensity or lower regional financial development level,their independent innovation is more negatively affected by financing constraints,and more dependent on endogenous financing and equity financing,and more inhibited by debt financing and informal finance. Therefore,it is necessary to further alleviate the financing constraints of enterprise innovation,expand the proportion of enterprise equity financing,reduce the proportion of debt financing and informal finance,and promote the choice of enterprise independent innovation mode.
In countries or regions with lagging financial development,financing heterogeneity has become an important problem restricting manufacturing enterprises from technological imitation to independent innovation. This paper uses the2012 World Bank China Enterprise Survey data to study the impact of heterogeneity of financing constraints and financing structure on the choice of innovation mode. The results show that from the perspective of heterogeneity of financing constraints,strong financing constraints significantly inhibit the choice of independent innovation mode and force enterprises to choose imitation innovation. From the perspective of heterogeneity of financing structure,endogenous financing has a stronger promoting effect on enterprises' independent innovation than imitative innovation,while debt financing has a stronger restraining effect; equity investment can promote the independent innovation of enterprises to some extent and is not conducive to the imitation innovation of enterprises; informal finance will restrain the independent innovation of enterprises. Further research shows that for enterprises with higher R&D input intensity or lower regional financial development level,their independent innovation is more negatively affected by financing constraints,and more dependent on endogenous financing and equity financing,and more inhibited by debt financing and informal finance. Therefore,it is necessary to further alleviate the financing constraints of enterprise innovation,expand the proportion of enterprise equity financing,reduce the proportion of debt financing and informal finance,and promote the choice of enterprise independent innovation mode.
引文
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[15] Claro D P,Hagelaar G,Omta O. The determinants of relational governance and performance:How to manage business relationships?[J]. Industrial Marketing Management,2003,32(8):703-716.
[16]宋华,王岚.企业间关系行为对创新柔性的影响研究[J].科研管理,2012,33(3):1-10.
[17]孙浦阳,李飞跃,顾凌骏.商业信用能否成为企业有效的融资渠道——基于投资视角的分析[J].经济学:季刊,2014,13(4):1637-1652.
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[21] Fisman R,Svensson J. Are corruption and taxation really harmful to growth? Firm level evidence[J].Journal of Development Economics,2007,83(1):63-75.
[22]吕冰洋,毛捷.金融抑制和政府投资依赖的形成[J].世界经济,2013,36(7):48-67.
[23]张杰,高德步.金融发展与创新:来自中国的证据与解释[J].产业经济研究,2017(3):43-57.
[2]林毅夫,孙希芳,姜烨.经济发展中的最优金融结构理论初探[J].经济研究,2009(8):4-17.
[3]卢馨,郑阳飞,李建明.融资约束对企业R&D投资的影响研究——来自中国高新技术上市公司的经验证据[J].会计研究,2013(5):51-58.
[4]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.
[5] Brown J R,Petersen B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance,2011,17(3):694-709.
[6]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,2013,48(1):4-16.
[7]孙早,肖利平.融资结构与企业自主创新——来自中国战略性新兴产业A股上市公司的经验证据[J].经济理论与经济管理,2016,36(3):45-58.
[8] Gerschenkron A. Economic backwardness in historical perspective[M].Cambridge MA:The Belknap Press of Harvard University Press,1962.
[9] 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.
[10] Modigliani F,Miller M. The cost of capital,corporation finance and the theory of investment[J]. The American economic review,1958,48(3):261-297.
[11] Shin M S,Kim S E. The effects of cash holdings on R&D smoothing:evidence from Korea[J].Journal of Finance&Accountancy,2011,6:1-19.
[12]林毅夫.新结构经济学[M].北京:北京大学出版社,2009.
[13] Brown J R,Fazzari S M,Petersen B C. Financing Innovation and Growth:Cash Flow,External Equity,and the1990s R&D Boom[J].The Journal of Finance,2009,64(1):151-185.
[14] Allen F,Qian J,Qian M. Law,finance,and economic growth in China☆[J].Journal of Financial Economics,2005,77(1):57-116.
[15] Claro D P,Hagelaar G,Omta O. The determinants of relational governance and performance:How to manage business relationships?[J]. Industrial Marketing Management,2003,32(8):703-716.
[16]宋华,王岚.企业间关系行为对创新柔性的影响研究[J].科研管理,2012,33(3):1-10.
[17]孙浦阳,李飞跃,顾凌骏.商业信用能否成为企业有效的融资渠道——基于投资视角的分析[J].经济学:季刊,2014,13(4):1637-1652.
[18]张峰,黄玖立,王睿.政府管制、非正规部门与企业创新:来自制造业的实证依据[J].管理世界,2016(2):95-111.
[19]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,2017,52(7):94-108.
[20]赵林,赵湘怀.融资方式与风险投资企业的治理一对“有限合伙制”的一种解读[J].财经科学,2003(3):43-47.
[21] Fisman R,Svensson J. Are corruption and taxation really harmful to growth? Firm level evidence[J].Journal of Development Economics,2007,83(1):63-75.
[22]吕冰洋,毛捷.金融抑制和政府投资依赖的形成[J].世界经济,2013,36(7):48-67.
[23]张杰,高德步.金融发展与创新:来自中国的证据与解释[J].产业经济研究,2017(3):43-57.