外源融资如何影响企业技术创新——基于融资约束和技术密集度视角  

Heterogeneous Impact of External Financing on Firm Technological Innovation:Research Based on the Perspective of Financial Constraints and Technology Intensity

作　　者：海本禄[1,2] 杨君笑 尹西明 李政 HAI Benlu;YANG Junxiao;YIN Ximing;LI Zheng(Business School,Henan Normal University,Xinxiang 453007,China;Guanghua School of Management,Peking University,Beijing 100871,China;School of Management and Economics,Beijing Institute of Technology,Beijing 100081,China;Center for China National Economy,Jilin University,Changchun 130012,China)

机构地区：[1]河南师范大学商学院,河南新乡453007 [2]北京大学光华管理学院,北京100871 [3]北京理工大学管理与经济学院,北京100081 [4]吉林大学中国国有经济研究中心,吉林长春130012

出　　处：《中国软科学》2021年第3期183-192,共10页China Soft Science

基　　金：国家社会科学基金重点项目(18AGL005);教育部重点研究基地重大项目(16JJD790017);河南省高等教育教学改革研究与实践重点项目(2019SJGLX577);北京理工大学优秀青年教师学术启动计划项目(3210011182020)

摘　　要：本文以2013-2018年沪深A股制造业企业为样本,从融资约束程度和技术密集度的视角出发,实证研究了信贷融资与股权融资对企业技术创新的差异化影响。研究发现,不同外源融资方式对企业技术创新的影响具有显著差异性。对融资约束程度较高的企业和技术密集度较高的企业,信贷融资显著抑制企业的技术创新,而股权融资则显著激励企业的技术创新。研究结果表明,相对于银行主导的传统信贷融资模式,市场主导的股权融资更能有效支持与赋能融资约束程度较高的企业和技术密集型企业的技术创新。本研究为进一步理解“双循环”发展格局下的企业技术创新影响机制提供了新视角,也可为我国在新时期发展多层次资本市场、完善科技金融体系进而加速技术创新和关键核心技术突破、加快创新强国建设提供重要实践启示。This paper takes 2013-2018 Shanghai and Shenzhen A-share manufacturing firms as a sample, and empirically study the heterogeneous impact of credit financing and equity financing on the firm’s technological innovation. Results show that the impact of different external financing methods on the technological innovation of firms has significant differences. For firms with higher degree of financing constraints and that are more high-technology-intensive, credit financing significantly inhibits their technological innovation behavior, while equity financing significantly stimulates their technological innovation behavior. This denotes that, compared with traditional technology finance model which is dominated by banks, equity financing is more effective in supporting and empowering the innovation and development of firms with a higher degree of financial constraint and technology intensity. This study provides a new perspective for further understanding the impact mechanism of technological innovation of firms, and also provides important practical inspirations for China to accelerate the construction of global innovative power by developing a multi-layered capital market and improving the technology and financial system.

关 键 词：技术创新 信贷融资 股权融资 融资约束 技术密集度 

分 类 号：F832.1[经济管理—金融学] F273.1