创新活动与企业融资——基于垄断竞争银行业视角的研究  

Innovative Activities and Firm Financing——A Study from the Perspective of Monopolistic-Competition Banking

作　　者：芮红霞 

机构地区：[1]南京大学经济学院

出　　处：《金融论坛》2018年第3期36-51,共16页Finance Forum

基　　金：江苏区域经济转型与管理变革协同创新中心的"创新驱动与经济发展研究"的支持

摘　　要：本文针对垄断竞争银行业市场构建创新活动与企业融资的理论模型,探究创新企业"融资贵"和"融资难"的内在机制。研究发现,创新活动的不确定性导致银行贷款间替代弹性降低是创新企业"融资贵"的根本原因,而金融机构数量不足抑制创新企业投资,产生"融资难"现象;创新活动增加企业融资成本,地区银行业生产率的提高将降低企业融资成本并促进企业投资,而地区银行业金融机构数量的增加通过丰富金融产品和专业金融服务实现企业资本综合成本的降低,提高企业资本—劳动要素比。The author of this paper constructs a theoretical model of innovative activities and firm financing in the monopolistic-competition banking market, and analyzes the internal mechanism of the＂expensive financing＂ and ＂difficult financing＂ of innovative firms. It＇s found that the basic cause of ＂expensive financing＂ is the uncertainty of innovative activities resulting in the decrease in the substitution elasticity of bank loans; the lack of financial institutions restrains the investment of innovative firms, and results in the ＂difficult financing＂; the innovative activities increase the financing cost of firms, the increase in regional banking productivity reduces the financing cost and promotes the investment of firms; the increase in the number of banking institutions in the region reduces the comprehensive cost of the capitals of firms and increases the capital-labor ratio of firms through providing more financial products and professional financial services.

关 键 词：创新活动 创新企业 企业融资 融资成本 垄断竞争银行业 

分 类 号：C12[社会学] G21[文化科学—新闻学]