哪种融资渠道能够平滑企业创新活动?——基于国企与民企差异检验  

Which Financing Channel is Much Better for Smooth Enterprise Innovation Activities?

作　　者：肖兴志[1] 王海[1] 

机构地区：[1]东北财经大学产业组织与企业组织研究中心,辽宁大连116025

出　　处：《经济管理》2015年第8期151-160,共10页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重大项目"世界产业发展新趋势及我国培育发展战略性新兴产业跟踪研究"(12&ZD068);国家自然科学基金项目"战略性新兴产业‘技术实验'的驱动;路径与政策研究"(71203023)

摘　　要：本文基于2007—2013年沪深A股非ST上市公司数据,将企业身份和产业政策纳入到融资渠道创新平滑的分析框架中,来解释我国企业,尤其国有企业创新活动波动较大的根源。与现有研究不同,本文发现,受人情化决策的影响,企业内部现金流并不会起到平滑企业创新活动的作用,而股权融资的效果最为显著。企业融资有利于平滑受产业政策支持企业的创新活动,而国企身份在创新持续发展进程中未表现出明显的贡献,国有企业自身的"二重性"抑制了平滑作用的发挥。本文认为,我国企业应当注重企业核心凝聚力建设,同时,政府应该完善股权融资市场,加快国有企业改革,在给予政策支持的同时,放开其制度层面的约束,让国有企业真正成为引领我国企业创新的排头兵。For the existing problems in the process of innovation development , the existing literature mostly concentrate on the outside level of the enterprise, analysis of internal innovation management is still rare. In this re- gard, some scholars believe that innovation activities have a long duration,large adjustment cost. Companies need to smooth innovation activities. Taking into account the presence of non-R＆D innovation model, the paper expand the concept of innovation and consider the development of innovative and non-R＆D innovation, it is combined with our terprises are facing a shortage of funds ,the staff will experience ＂sharing weal and woe＂ because of the feelings be- tween them. It fundamentally eases fluctuations of innovation activities of enterprises. In contrast, equity financing can well play a role in smoothing their overall innovation activities. The effectiveness gives a reasonable explanation for the status quo that there is asymmetry for input and output innovative activities since 2008. In addition, State- owned Enterprise plays a very important role which cannot be ignored in the innovative development. On the one hand, State-owned Enterprise has enterprise attribute. Its innovation decision is driven by factors such as profit and entrepreneurial spirit; on the other hand, State-owned Enterprise is nationalized. The attribute makes its innovation dynamic be also from national task and social responsibility and so on. State-owned Enterprise＇s enterprise attribute and State-owned attribute make its dualism. In innovation, on side is that State-owned Enterprise＇s dualism can get policy support. Policy support is benefit for reducing financing restriction. It can enhance staff confidence in the en- terprise; on the other side, the dualism may cause principal-agent problem in the internal management of the State- owned Enterprise. It may also cause haphazard investment according to industrial policy. Therefore, the article further studies which financing channel is much better for sm

关 键 词：融资渠道 企业身份 产业政策 创新平滑 

分 类 号：F27[经济管理—企业管理]