金融错配、政治关联与企业创新产出  

Financial misallocation, political connection and innovation output of enterprises

作　　者：冉茂盛[1] 同小歌 Ran Maosheng;Tong Xiaoge(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《科研管理》2020年第10期89-97,共9页Science Research Management

基　　金：国家社会科学基金项目(15BJY021,2015.06—2019.06);重庆市研究生科研创新项目(CYB18015,2018.05—2020.05);重庆市研究生科研创新项目(CYB16005,2016.05—至今)。

摘　　要：针对普遍存在的金融错配现象,利用2003-2015年我国民营上市公司微观数据测算了金融错配指数和外部融资依赖,并采用系统GMM方法基于政治关联视角实证检验金融错配对企业创新的影响。结果发现,金融错配显著抑制企业创新产出,且这一抑制作用对于含金量比较高的发明专利更为显著;政治关联可以弱化金融错配对企业创新产出的抑制作用。进一步地,机制检验发现,政治关联的调节作用主要是依赖于缓解企业外部融资约束实现的。结果表明,合理配置金融资源、建立融洽政企关系,可有效缓解企业创新融资约束问题,对提升企业创新产出具有重要的现实意义。Strengthening the independent innovation ability of enterprises is the core of building an innovation-oriented country.How to effectively improve the independent innovation ability of enterprises has become a key problem to be solved in the process of building an innovation-oriented country.The formation of enterprise innovation ability is inseparable from the support of resources.However, China′s economic structure is facing transformation and upgrading, and the rules and regulations in the market economy are not perfect yet.Excessive government intervention in the financial market and unreasonable administrative control will lead to serious financial mismatch in the financial system.The existence of financial mismatch has a complex impact on all aspects of China′s economic activities, and enterprise innovation is one of the important aspects. Based on the financial mismatch phenomenon existing in the financial market, this paper uses the micro data of China′s private listed companies from 2003 to 2015 to calculate the financial mismatch index and external financing dependence, and adopts the systematic GMM method to verify the impact of financial mismatch enterprise innovation from the perspective of political correlation.The results show that financial mismatch significantly inhibits enterprise innovation output, especially for invention patents with high gold content, and the political association of private enterprises has a significant negative regulating effect on the relationship between them.By further exploring the regulating mechanism of political association activities, it is found that the regulating function of political association is to influence the relationship between financial mismatch and enterprise innovation output by affecting the external financing constraints of enterprises.The findings of this study have the following two contributions.First of all, the research of this paper reveals to some extent the mechanism of financial mismatch influencing the innovation of China′s private

关 键 词：金融错配 创新产出 政治关联 融资依赖 

分 类 号：F276.6[经济管理—企业管理]