金融中介发展、企业异质性与技术创新  

Financial Intermediation,Enterprise Heterogeneity and Technical Innovation

作　　者：孙婷[1] 温军[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《西安交通大学学报（社会科学版）》2012年第1期23-28,共6页Journal of Xi'an Jiaotong University：Social Sciences

摘　　要：基于微观主体的视角,以中国高新技术行业375家大型企业面板数据为样本,通过各地区金融发展水平的差异考察了金融中介发展对企业技术创新的影响。研究表明:金融中介发展对企业技术创新具有显著的促进作用;在金融中介发展水平高的地区,银行信贷对企业的债务治理效应越佳,产权属性对企业技术创新的影响减弱;金融中介发展水平的提高能够有效促使资本流向具有投资价值的创新项目,弱化经营年限对企业技术创新的影响。From the visual angle of the micro subject, and taking the panel data of 375 large - sized enterprises in high tech industries in China, we investigate the impact of the development of the financial intermediation on technical innovation of enterprises given different financial development levels in various regions. From the investigation we discover that the development of financial intermediation has a significant promoting effect on technical innovation of enterprises ; in the regions where there is a high level of the development of the financial intermediation, the governance effect of bank credit on debt governance of enterprises gets better and the impact of the property right attributes on the technical innovation of enterprises is weakened; the enhancement of the development of financial intermediation is able to effectively impel the capital to flow to innovation projects with investment value and weaken the impact of the fixed operation period on technical innovation of enterprises.

关 键 词：金融中介 技术创新 企业异质性 

分 类 号：F830.3[经济管理—金融学]