融资结构、制度环境与创新能力:微观视阈下的数理分析与实证检验  

Financing Structure,Institutional Environment and Innovation Capacity:Mathematical Analysis and Empirical Test from Microscopic Perspective

作　　者：杨帆[1] 王满仓[1] YANG Fan;WANG Mancang(Northwest University,Xi'an 710127)

机构地区：[1]西北大学经济管理学院,西安710127

出　　处：《经济与管理研究》2020年第10期59-85,共27页Research on Economics and Management

基　　金：国家自然科学基金青年科学基金项目“行政垄断下人力资本错配对企业创新效率损失的影响的研究”(71704141);教育部人文社会科学青年基金项目“行政垄断背景下中国人力资本配置扭曲影响自主创新的内生机理研究”(17YJC790084)。

摘　　要：本文在统一的分析框架下构建了融资结构、制度环境与创新能力关系的两阶段数理模型,并基于2007-2017年中国上市公司面板数据,利用负二项面板中介效应模型进行实证检验,并进一步分析了制度环境、所有制及产业技术的异质性影响。本文的经验研究表明:债权融资及债股比通过研发投入抑制了创新产出,表现出了部分中介效应,其中高技术企业更不善于利用债权融资进行创新。与之不同,股权融资对高质量创新具有一定的正向作用。此外,国有企业和民营企业分别在债权和股权中表现出各自的优势。同时,制度环境的改善能够有效促进创新产出。进一步,良好的制度环境有助于缓解债权融资对研发投入的抑制作用,且在良好制度环境下股权融资可以通过研发投入促进创新产出。这为中国金融供给侧结构性改革与创新驱动发展战略提供了一定的理论依据和启示。In this paper,a two-stage mathematical model of the relationship between financing structure,institutional environment and innovation capacity is established under a unified analytical framework.Based on the panel data of Chinese listed companies from 2007 to 2017,the negative binomial panel mediation effect model was used for the empirical test,and the heterogeneous influence of institutional environment,ownership and industrial technology was further analyzed.The empirical study shows that debt financing and the debt-to-equity ratio have an inhibitory effect on R&D input,and further reduces innovation output through R&D input,showing a partial mediating effect,among which debt financing plays a limited role in innovation in high-tech enterprises.Different from debt financing,equity financing plays a certain role in promoting high-quality innovation.Compared with private enterprises,state-owned enterprises have advantages in financing,while private enterprises are more dependent on a good institutional environment.In terms of the nature of industrial technology,the overall performance of high-tech enterprises is better than that of other enterprises.The improvement of institutional environment can directly improve the innovation output level of enterprises,among which,equity financing can increase R&D investment under a favorable institutional environment,and promote high-quality innovation more significantly.These findings provide some theoretical basis and enlightenment for China s financial supply-side structural reform and innovation-driven development strategy.

关 键 词：融资结构 制度环境 负二项面板 创新能力 债券融资 股权融资 

分 类 号：F832.5[经济管理—金融学] F270