贸易信贷对企业技术创新的影响研究
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摘要
本文考察贸易信贷在中国企业技术创新中的作用,首先理论上分析了与银行贷款相比,贸易信贷为企业技术创新活动提供资金支持的相对优势,之后使用包含多样化企业异质性特征信息的微观企业调研数据,结合Heckman两阶段方法进行实证研究。引入行业外部融资需求特征,详细研究贸易信贷对不同行业企业技术创新活动的影响。研究结果表明:贸易信贷作为传统融资方式的重要补充,通过为企业提供资金支持,促进企业技术创新活动的开展,这种促进作用在企业技术创新活动的选择及实际投入阶段均显著。我们的研究同时证实了良好的金融生态环境和稳定的地区宏观政策更有利于贸易信贷促进企业技术创新活动。
In this paper we investigate the impact of trade credit on enterprises' innovation activities. Firstly, we set up a theoretical framework and analyze the comparative advantage between trade credit and bank credit in terms of providing financial liquidity for enterprises' innovation activities. Secondly, we employ Heckman two-stage estimation method to conduct empirical analysis. Based on World Bank enterprises investment climate survey, our results indicate that trade credit is an important supplement to traditional financing source. It stimulates enterprises' innovation activities. This promotion effect is statistical significant both in the selection and actual investment stage of enterprises' innovation activities. Our findings also confirm that a well developed financial ecological environment and consistent regional macro policies are beneficial to increase the positive impact of trade credit on enterprises' innovation activities.
In this paper we investigate the impact of trade credit on enterprises' innovation activities. Firstly, we set up a theoretical framework and analyze the comparative advantage between trade credit and bank credit in terms of providing financial liquidity for enterprises' innovation activities. Secondly, we employ Heckman two-stage estimation method to conduct empirical analysis. Based on World Bank enterprises investment climate survey, our results indicate that trade credit is an important supplement to traditional financing source. It stimulates enterprises' innovation activities. This promotion effect is statistical significant both in the selection and actual investment stage of enterprises' innovation activities. Our findings also confirm that a well developed financial ecological environment and consistent regional macro policies are beneficial to increase the positive impact of trade credit on enterprises' innovation activities.
引文
[1]邓可斌,曾海舰.中国企业的融资约束:特征现象与成因检验[J].经济研究,2014,49(2):47-60.
[2]何光辉,杨威月.融资约束对企业生产率的影响——基于系统GMM方法的国企与民企差异检验[J].数量经济技术经济研究,2012(5):19-35.
[3]李连发,辛晓岱.外部融资依赖、金融发展与经济增长:来自非上市企业的证据[J].金融研究,2009(2):73-86.
[4]饶品贵,姜国华.货币政策对银行信贷与商业信用互动关系影响研究[J].经济研究,2013(1):68-82.
[5]施炳展,齐俊妍.金融发展、企业国际化形式与贸易收支[J].世界经济,2011(5):42-73.
[6]石晓军,张顺明.商业信用、融资约束及效率影响[J].经济研究,2010(1):102-114.
[7]唐未兵,傅元海,王展祥.技术创新、技术引进与经济增长方式转变[J].经济研究,2014,49(7):31-43.
[8]佟家栋,刘竹青.地理集聚与企业的出口抉择:基于外资融资依赖角度的研究[J].世界经济,2014(7):67-85.
[9]吴延兵,刘霞辉.人力资本与研发行为——基于民营企业调研数据的分析[J].经济学(季刊),2009,8(4):1567-1590.
[10]张杰,芦哲,郑文平,陈志远.融资约束、融资渠道与企业R&D投入[J].世界经济,2012(10):66-90.
[11]周小川.完善法律制度改进金融生态[J].金融时报,2004(7).
[12]AGHION P,BLUNDELL R,GRIFFITH R,et al.The Effects of Entry on Incumbent Innovation and Productivity[J].The Review of Economics and Statistics,2009,91(1):20-32.
[13]BARRO R J,SALA-I-MARTIN X,BLANCHARD O J,et al.Convergence Across States and Regions[J].Brookings papers on economic activity,1991:107-182.
[14]BHATTACHARYA S,RITTER J R.Innovation and Communication:Signalling with Partial Disclosure[J].The Review of Economic Studies,1983,50(2):331-346.
[15]BURKART M,ELLINGSEN T.In-kind Finance:A Theory of Trade Credit[J].American Economic Review,2004,94(3):569-590.
[16]CLAESSENS S,TZIOUMIS K.Measuring Firms’Access to Finance[R].World Bank,2006.
[17]CZARNITZKI D,HOTTENROTT H.Are Local Milieus The Key To Innovation Performance?[J].Journal of Regional Science,2009,49(1):81-112.
[18]D’ESTE P,IAMMARINO S,SAVONA M,VON TUNZELMANN N.What Hampers Innovation?Revealed Barriers Versus Deterring Barriers[J].Research Policy,2012,41(2):482-488.
[19]GIANNETTI M,BURKART M,ELLINGSEN T.Forthcoming,What You Sell Is What You Lend?Explaining Trade Credit Contracts[J].Review of Financial Studies.Advance Access published November,2008,24:1261-1298.
[20]GROSSMAN G M,HELPMAN E.Quality Ladders in the Theory of Growth[J].The Review of Economic Studies,1991,58(1):43-61.
[21]HALL B H.The Financing of Research and Development[J].Oxford Review of Economic Policy,2002,18(1):35-51.
[22]HECKMAN,JAMES J.Sample Selection Bias as a Specification Error[J]Econometrica,1979,47(1):153-161.
[23]HENISZ W J.Political Institutions and Policy Volatility[J].Economics&Politics,2004,16(1):1-27.
[24]KOHLER M,BRITTON E,YATES A.Trade Credit and the Monetary Transmission Mechanism[J].The Bank of England Working Paper,2000 No.115.
[25]MODIGLIANI F,MILLER M H.The Cost of Capital,Corporation Finance and the Theory of investment[J].The American Economic Review,1958,48(3):261-297.
[26]MOHNEN P,PALM F C,VAN DER LOEFF S S,et al.Financial Constraints and Other Obstacles:Are They a Threat to Innovation Activity?[J].De Economist,2008,156(2):201-214.
[27]PETERSEN M A,RAJAN R G.Trade Credit:Theories and Evidence[J].Review of financial studies,1997,10(3):661-691.
[28]RAJAN R G,ZINGALES L.Financial Dependence and Growth[J].The American Economic Review,1998,88(3):559-586.
[29]REPULLO R,SUAREZ J.Entrepreneurial Moral Hazard and Bank Monitoring:A Model of the Credit Channel[J].European Economic Review,2000,44(10):1931-1950.
[30]ROMER P M.Human Capital and Growth:Theory and Evidence[C]//Carnegie-Rochester Conference Series on public policy.North-Holland,1990,32:251-286.
[31]SEGARRA A,GARCIA-QUEVEDO J,TERUEL M.Financial Constraints and the Failure of Innovation Projects[J],IEB Working Paper No.2013/011.
[32]THAKOR A V.Corporate Investments and Finance[J].Financial Management,1993,22(2):135-144.
[33]YANG X.Trade Credit Versus Bank Credit:Evidence from Corporate Inventory Financing[J].The Quarterly Review of Economics and Finance,2011,51(4):419-434.
(1)生产中包含研发活动,存在不确定性,因此最终产品以α的概率成功产出。
(1)后文中,外部融资需求与外部融资依赖含义相近,不再做具体区分。
(2)在美国上市的企业能代表行业发展的最优水平,同时相关数据全面易得,因此选取这类企业的流动性代表全球范围内各行业的流动性。
(1)运用行业流动性指标和行业外部融资需求考察外部流动性需求的分地区回归,囿于篇幅不做展示,如有需要可向作者索要。
(1)本文将政府消费支出作为考察对象,这一指标含义明确,且连续性较好。短期利率作为货币政策工具变量,在我国这一变量并不是完全市场化的,不能很好地度量货币政策变化情况。如果使用通胀率,该指标不可避免地包含了很多外生因素冲击的影响,如石油价格、贸易条件等。因此最终选用政府消费支出考察。
[2]何光辉,杨威月.融资约束对企业生产率的影响——基于系统GMM方法的国企与民企差异检验[J].数量经济技术经济研究,2012(5):19-35.
[3]李连发,辛晓岱.外部融资依赖、金融发展与经济增长:来自非上市企业的证据[J].金融研究,2009(2):73-86.
[4]饶品贵,姜国华.货币政策对银行信贷与商业信用互动关系影响研究[J].经济研究,2013(1):68-82.
[5]施炳展,齐俊妍.金融发展、企业国际化形式与贸易收支[J].世界经济,2011(5):42-73.
[6]石晓军,张顺明.商业信用、融资约束及效率影响[J].经济研究,2010(1):102-114.
[7]唐未兵,傅元海,王展祥.技术创新、技术引进与经济增长方式转变[J].经济研究,2014,49(7):31-43.
[8]佟家栋,刘竹青.地理集聚与企业的出口抉择:基于外资融资依赖角度的研究[J].世界经济,2014(7):67-85.
[9]吴延兵,刘霞辉.人力资本与研发行为——基于民营企业调研数据的分析[J].经济学(季刊),2009,8(4):1567-1590.
[10]张杰,芦哲,郑文平,陈志远.融资约束、融资渠道与企业R&D投入[J].世界经济,2012(10):66-90.
[11]周小川.完善法律制度改进金融生态[J].金融时报,2004(7).
[12]AGHION P,BLUNDELL R,GRIFFITH R,et al.The Effects of Entry on Incumbent Innovation and Productivity[J].The Review of Economics and Statistics,2009,91(1):20-32.
[13]BARRO R J,SALA-I-MARTIN X,BLANCHARD O J,et al.Convergence Across States and Regions[J].Brookings papers on economic activity,1991:107-182.
[14]BHATTACHARYA S,RITTER J R.Innovation and Communication:Signalling with Partial Disclosure[J].The Review of Economic Studies,1983,50(2):331-346.
[15]BURKART M,ELLINGSEN T.In-kind Finance:A Theory of Trade Credit[J].American Economic Review,2004,94(3):569-590.
[16]CLAESSENS S,TZIOUMIS K.Measuring Firms’Access to Finance[R].World Bank,2006.
[17]CZARNITZKI D,HOTTENROTT H.Are Local Milieus The Key To Innovation Performance?[J].Journal of Regional Science,2009,49(1):81-112.
[18]D’ESTE P,IAMMARINO S,SAVONA M,VON TUNZELMANN N.What Hampers Innovation?Revealed Barriers Versus Deterring Barriers[J].Research Policy,2012,41(2):482-488.
[19]GIANNETTI M,BURKART M,ELLINGSEN T.Forthcoming,What You Sell Is What You Lend?Explaining Trade Credit Contracts[J].Review of Financial Studies.Advance Access published November,2008,24:1261-1298.
[20]GROSSMAN G M,HELPMAN E.Quality Ladders in the Theory of Growth[J].The Review of Economic Studies,1991,58(1):43-61.
[21]HALL B H.The Financing of Research and Development[J].Oxford Review of Economic Policy,2002,18(1):35-51.
[22]HECKMAN,JAMES J.Sample Selection Bias as a Specification Error[J]Econometrica,1979,47(1):153-161.
[23]HENISZ W J.Political Institutions and Policy Volatility[J].Economics&Politics,2004,16(1):1-27.
[24]KOHLER M,BRITTON E,YATES A.Trade Credit and the Monetary Transmission Mechanism[J].The Bank of England Working Paper,2000 No.115.
[25]MODIGLIANI F,MILLER M H.The Cost of Capital,Corporation Finance and the Theory of investment[J].The American Economic Review,1958,48(3):261-297.
[26]MOHNEN P,PALM F C,VAN DER LOEFF S S,et al.Financial Constraints and Other Obstacles:Are They a Threat to Innovation Activity?[J].De Economist,2008,156(2):201-214.
[27]PETERSEN M A,RAJAN R G.Trade Credit:Theories and Evidence[J].Review of financial studies,1997,10(3):661-691.
[28]RAJAN R G,ZINGALES L.Financial Dependence and Growth[J].The American Economic Review,1998,88(3):559-586.
[29]REPULLO R,SUAREZ J.Entrepreneurial Moral Hazard and Bank Monitoring:A Model of the Credit Channel[J].European Economic Review,2000,44(10):1931-1950.
[30]ROMER P M.Human Capital and Growth:Theory and Evidence[C]//Carnegie-Rochester Conference Series on public policy.North-Holland,1990,32:251-286.
[31]SEGARRA A,GARCIA-QUEVEDO J,TERUEL M.Financial Constraints and the Failure of Innovation Projects[J],IEB Working Paper No.2013/011.
[32]THAKOR A V.Corporate Investments and Finance[J].Financial Management,1993,22(2):135-144.
[33]YANG X.Trade Credit Versus Bank Credit:Evidence from Corporate Inventory Financing[J].The Quarterly Review of Economics and Finance,2011,51(4):419-434.
(1)生产中包含研发活动,存在不确定性,因此最终产品以α的概率成功产出。
(1)后文中,外部融资需求与外部融资依赖含义相近,不再做具体区分。
(2)在美国上市的企业能代表行业发展的最优水平,同时相关数据全面易得,因此选取这类企业的流动性代表全球范围内各行业的流动性。
(1)运用行业流动性指标和行业外部融资需求考察外部流动性需求的分地区回归,囿于篇幅不做展示,如有需要可向作者索要。
(1)本文将政府消费支出作为考察对象,这一指标含义明确,且连续性较好。短期利率作为货币政策工具变量,在我国这一变量并不是完全市场化的,不能很好地度量货币政策变化情况。如果使用通胀率,该指标不可避免地包含了很多外生因素冲击的影响,如石油价格、贸易条件等。因此最终选用政府消费支出考察。