金融结构与企业技术创新:基于融资渠道和性质的研究  

Financial Structure and Enterprise Technology Innovation:A Study Based on Financing Channels and Nature

作　　者：张志敏[1] 俞成森 

机构地区：[1]中央财经大学经济学院

出　　处：《宏观经济研究》2018年第8期17-26,共10页Macroeconomics

摘　　要：本文从融资的渠道和性质两个维度，研究一国金融结构对企业技术创新活动的影响。研究结果表明：（1）对于权益型工具而言，中介融资比市场融资更能促进企业的技术创新活动；而对于债务型工具而言，市场融资比中介融资更能促进企业的技术创新活动。（2）在中介渠道中，权益型工具比债务型工具更能促进企业的技术创新活动；而在金融市场上，权益型工具和债务型工具在促进企业技术创新方面效果的优劣取决于一国的实际情况。进一步的研究发现，金融结构作用于企业技术创新的时间可能要滞后1-2期，而且金融结构对于不同层次的企业技术创新的作用有所不同。This paper studies the impact of a country＇ s financial structure on corporate technology innovation activities from the two dimensions of financing channels and nature. The results show that ： （ 1 ） For equity instruments, intermediary financing can promote technological innovation activities of enterprises more than market finan- cing; for debt- based instruments, market finan- cing can promote technological innovation activities of enterprises more than intermediary financing. （2） In the intermediary channel, the equity toolcan promote the technological innovation activities of the enterprise more than the debt- based tool; in the financial market, the advantages and disad- vantages of the equity tool and the debt - based tool in promoting the technological innovation of the enterprise depend on the actual situation of the country. Further research finds that the time when financial structure plays a role in enterprise tech- nology innovation may lag behind the 1 -2 period, and the role of financial structure in different levels of enterprise technology innovation is different.

关 键 词：金融结构 融资渠道 融资性质 企业技术创新 

分 类 号：F832[经济管理—金融学] F273.1