创新产出与财务绩效——信贷融资的双刃剑效应  

Innovation Output and Financial Performance--The Double-edged Sword Effect of Credit Financing

作　　者：海本禄[1,2] 杨君笑 尹西明 李纪珍 Hai Benlu;Yang Junxiao;Yin Ximing;Li Jizhen(Business School,Henan Normal University,Xinxiang 453007,China;Center for Innovation and Development,Chinese Academy of Sciences,Beijing 100049,China;School of Management and Economics,Beijing Institute of Technology,Beijing 100081,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]河南师范大学商学院,河南新乡453007 [2]中国科学院创新发展研究中心,北京100049 [3]北京理工大学管理与经济学院,北京100081 [4]清华大学经济管理学院,北京100084

出　　处：《中国科技论坛》2020年第8期119-128,共10页Forum on Science and Technology in China

基　　金：国家社会科学基金重点项目(18AGL005)。

摘　　要：本文以2005—2015年中关村国家自主创新示范区企业为样本,研究信贷融资对企业创新产出与财务绩效关系的影响机制,尝试从信贷融资视角打开影响企业创新收益差异性的“黑箱”。研究发现,创新产出对财务绩效具有显著的正U型影响,而信贷融资是二者关系的重要调节变量,存在“双刃剑”效应。一方面,信贷融资的增加使创新产出与财务绩效正U型关系曲线的拐点右移,说明以信贷融资为主导的金融结构在推动创新驱动发展的过程中存在资金错配等问题,加深了企业的“创新陷阱”;另一方面,信贷融资显著提升创新产出与财务绩效正U型关系曲线的形态陡峭程度和平均边际效应,说明信贷融资强化了创新产出对财务绩效的影响,并提升了财务绩效的整体水平。因此,深化银行业改革,推动金融与实体经济的深度融合,对培育世界一流企业、建设创新型国家具有极其重要的战略意义。This paper takes the firms in Zhongguancun National Independent Innovation Demonstration Zone as sample and studies the impact of credit financing on the relationship between innovation output and financial performance,aiming to uncover the“black box”that affects the innovation benefit from the perspective of credit financing.This study finds that innovation output has a significant positive U-shaped impact on financial performance,while credit financing shows a“double-edged sword”moderating effect on the relationship between them.On the one hand,the increase of credit financing shifts the turning point of the positive U-shaped relationship between innovation output and financial performance to the right which indicates the financing structure dominated by credit financing has capital mismatch problems in the process of promoting innovation-driven development,which may deepen the“innovation trap”of firms.On the other hand,credit financing can enhance the steepness and average marginal effect of the positive U-shaped relationship.This indicates that credit financing strengthens the impact of innovation output on financial performance and improves the overall level of business performance.Therefore,deepening the reform of the banking industry and promoting the deep integration of finance and the real economy is strategically essential for cultivating world-class firms and building an innovative country.

关 键 词：创新产出 财务绩效 信贷融资 创新陷阱 双刃剑 

分 类 号：F832[经济管理—金融学] F273.1