信贷歧视、债务融资成本与技术创新投资规模  

Credit discrimination,cost of debt and technological innovation investment

作　　者：王贞洁[1] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《科研管理》2016年第10期9-17,共9页Science Research Management

基　　金：国家自然科学基金项目"基于金融生态环境视角的上市公司技术创新投资行为研究"(71302003;2014.01-2016.12);国家自然科学基金项目"利益相关者视角的营运资金管理研究与中国上市公司营运资金管理数据平台扩充建设"(71372111;2014.01-2017.12);国家社会科学基金项目"同等保护不同资本产权与促进混合所有制经济健康发展研究"(15BJL021;2015.06-2018.12)

摘　　要：选取了2007-2011年的A股制造业上市公司作为对象,以"信贷歧视"背景下债务融资成本和技术创新投资规模之间的关系为切入点,考察我国的信贷资源配置效率问题。研究结果表明,"信贷歧视"降低了我国信贷资源的配置效率,促使低成本的债务资源流向部分技术创新动力匮乏的国有企业和大企业,而民营上市公司和小规模公司却苦于承担着较高的债务融资成本而缩减技术创新投资规模;而近些年我国金融生态环境的改善和政府对于科技类行业的政策倾斜,强化了信贷市场的便利融资和资源配置功能,在一定程度上提高了信贷资源配置效率,提高了我国企业的技术创新动力。Using a sample of Chinese A - listed manufacturing companies from 2007 to 2011, this paper investigates the credit al- location efficiency of China with the key point of relationship between debt cost and technological innovation on the background of ＂credit discrimination＂. It reveals that ＂credit discrimination＂ lessens credit allocation efficiency, resulting in low - cost debt re- sources shifting towards some state - owned enterprises （SOEs） lack of technological innovation motivation, which inevitably rai- sing the cost of debt for private listed companies as well as small - scaled companies, consequently cutting technology innovation investment. With improving financial ecological environment and more government policy focusing on technology industry in re- cent years, the financing facilitations function and capital allocation function of credit market are strengthened, which to some ex- tent, elevates the credit allocation efficiency and increase the motivation of technological innovation.

关 键 词：债务融资成本 融资约束 技术创新投资 信贷资源配置效率 

分 类 号：F832.46[经济管理—金融学]