信贷约束、盈利能力与创新决策——来自中国高科技企业的面板证据  

Credit Constraints,Profitability and Innovative Decision——Evidence from the Panel Data of China’s High-Tech Companies

作　　者：詹宇波 孙鑫 曾军辉 ZHAN Yu-bo;SUN Xing;CENG Jun-hui(Institute of Economics,Shanghai Academy of Social Sciences 200020;School of Economics,Shanghai University 200444)

机构地区：[1]上海社会科学院经济研究所,200020 [2]上海大学经济学院,200444

出　　处：《上海经济研究》2018年第11期90-100,共11页Shanghai Journal of Economics

基　　金：国家自然科学基金面上项目“劳动者议价能力测度及其对制造业生产效率的影响机制研究”(项目批准号:71673180);上海市哲学社会科学规划一般课题“经济转型期劳动者议价能力对制造业企业创新的影响研究”(项目批准号:2016BJB007)

摘　　要：本文使用2001-2012年中关村园区高科技企业数据,讨论了改善企业盈利能力对于促进创新的重要性。我们的研究结果支持了以信贷约束度量的外源融资不利于企业研发而以盈利能力为度量的内源融资有利于企业研发创新的发生的结论。与现有文献不同的是,我们还发现内源融资和外源融资在企业研发方面的相互促进作用：针对盈利水平越高的企业提供信贷能够促进企业创新。这可能说明内源融资水平能够为企业外源融资提供积极信号,从而有利于企业获得外源融资来支持创新活动。Using the data of high-tech companies in ZhongguancunSciencePark from 2001 to 2012, this paper discusses the importance of improving companies＇ profitability on enhancing innovation. The research supports the conclusion that exterior financing measured by credit constraints has no benefit to company R-D while interiorfinancing measured by profitability benefits company R＆D. In contrast to the existing literature, we also discover that interiorfinancing and exterior financingreinforce each other on company R＆D; credit for companies with higher level of profit can enhance entrepreneurial innovation, which indicates that interior financing level emits positive signals for exterior financing, which is conducive to companies obtaining exterior financing to support innovative activities.

关 键 词：盈利能力 贷款约束 创新决策 

分 类 号：F016[经济管理—政治经济学]