产融结合、金融发展与企业创新——来自制造业上市公司持股金融机构的经验证据  

Financial-industrial Integration,Financial Development and Corporate Innovation——Evidence from Shareholdings of Financial Institutions by Listed Manufacturing Firms

作　　者：王超恩[1] 张瑞君[1] 谢露[1] 

机构地区：[1]中国人民大学商学院,北京100872

出　　处：《研究与发展管理》2016年第5期71-81,共11页R&D Management

基　　金：中国人民大学2015年度拔尖创新人才培育资助计划成果;国家自然科学基金重点项目"企业的融资约束与融资策略研究"(71432008)

摘　　要：在融资约束理论框架下,对产融结合、金融发展与企业创新产出三者之间的关系进行了探讨.选取2006—2013年中国制造业上市公司的相关数据资料,研究发现:产融结合能缓解制造业企业创新活动的融资约束,从而促进制造业企业的创新产出;制造业企业持股非上市金融机构能有效缓解融资约束,促进企业创新,但持股上市金融机构则不存在这种效应;产融结合对企业创新的促进作用在金融欠发达地区作用更加显著.本文从融资约束角度证明了产融结合在提升企业创新产出中的积极作用,对政府制订再工业化计划具有重要的现实意义.It investigated the relation among financial-industrial integration, financial development and corporate inno- vation in the framework of financial constraint. Using the data of Chinese listed firms in the manufacturing industry dur- ing the period from 2006 to 2013, the results show that financial-industrial integration can effectively facilitate corporate innovation by relieving firms＇ financial constraints. Moreover, this impact only exists when manufacturing firms hold shares of non-listed financial institutions, instead of listed financial institutions. The results further show that the posi- tive effect of financial-industrial integration on innovation is more pronounced for firms located in provinces with less de- veloped financial environments. It demonstrates the role of financial-industrial integration in promoting corporate innova- tion from the perspective of alleviating financial constraints, which can offer important practical implications for regula- tors in implementing the strategy of re-industrialization.

关 键 词：产融结合 金融发展 创新 

分 类 号：F273[经济管理—企业管理]