关系型融资、关系治理与企业创新--来自沪深A股高科技上市公司的实证研究  

Relational Financing,Relational Governance,and Enterprise Innovation:An Empirical Research of Shanghai and Shenzhen A-share High-tech Listed Companies

作　　者：王满四 王旭东 WANG Man-si;WANG Xu-dong(Guangzhou University,Guangdong 510006,China)

机构地区：[1]广州大学创新创业学院/工商管理学院,广东广州510006

出　　处：《中国软科学》2020年第5期118-129,共12页China Soft Science

摘　　要：将关系型融资对企业创新的效应分解为财务效应和治理效应。其中,财务效应表现为促进创新投入,治理效应表现为提高创新效率,两者共同促进企业创新。研究发现:关系型融资对企业创新发挥了显著积极的财务效应,但治理效应微弱,这是制约企业创新的关键。进一步从关系治理通过内部治理机制发挥治理效应的路径视角研究关系型融资治理效应微弱的内在机理,发现关系型融资治理效应并未真正发挥的原因在于,一方面非正常的"关系"严重损害了治理效应,另一方面企业内部治理机制本身的缺陷导致治理效应的路径失效。研究表明,随着创新投入的不断增加,提高创新效率成为当务之急。因此,在大力鼓励银行为企业创新加大关系型贷款额度的同时,更需规范"关系"型融资,完善企业内部治理以畅通关系治理路径。The effects of relational financing on corporate innovation are decomposed into financial effects and governance effects.Among them,financial effect is to promote the innovation investment,governance effect is to improve the innovation efficiency,both of them jointly promote enterprise innovation.It is found that the relationship financing plays a significant positive financial effect on enterprise innovation,but the governance effect is weak,which is the key to restrict enterprise innovation.Further,from the perspective of the path of relationship governance exerting governance effect through internal governance mechanism,we study the internal mechanism of weak governance effect of relationship financing.It is found that the reason why the governance effect of relational financing does not play a real role is that:on one hand,the abnormal relationship seriously damages the governance effect,on the other hand,the defects of the internal governance mechanism itself block the path of the governance effect.Research shows that with the increasing of innovation investment,it is imperative to improve the innovation efficiency.Therefore,while strongly encouraging banks to expand the amount of relational loans for enterprises,it is more necessary to standardize the relational financing and improve the internal governance of enterprises to smooth the path of relational governance.

关 键 词：关系型融资 关系治理 企业创新 

分 类 号：F270[经济管理—企业管理]