科技创新、融资需求与金融结构特征——基于OECD16国经验数据的研究  

Technological Innovation,Financing Demand and Financial Structure Characteristics——Research Based on Empirical Data of 16 OECD Countries

作　　者：易振华[1] 

机构地区：[1]中国人民银行杭州中心支行,浙江杭州310001

出　　处：《浙江金融》2021年第12期21-34,共14页Zhejiang Finance

摘　　要：本文从金融发展与产业结构特性相匹配的视角出发,将产业技术创新特征及其所蕴含的产业风险、金融市场环境及企业融资方式差异纳入到金融发展分析框架,探索科技创新、融资需求与金融结构的关系。研究结果表明:当主导产业的技术相对成熟时,债务融资是相对有效的融资方式;随着主导产业技术水平和相应创新风险的增加,股权融资由于具有更加有效的风险分担机制,成为相对有效的融资方式;由于缺乏抵押、清算等约束企业道德风险的手段,股权融资对金融市场环境的要求较高,随着金融市场环境的改善,股权融资的偏好将逐渐提升;而从债务融资内部结构来看,随着银行对贷款项目监督管理中间费用的提高,企业将从信贷融资转变为债券融资。From the perspective of Mutual matching between financial development and industrial structure characteristics,this paper portrays the industry technological features and the inherent risk,financial market environment,difference of financing mode into the framework of financial development analysis,and then it studies the relationship between Industrial structure evolution,financing characteristics and optimal financial structure.And we find that:debt financing is more efficient than the equity financing when industries are characterized by mature technology;In technology frontier industries where innovation and R&D are crucial to success,the equity financing is more supportive;Due to the lack of the means of restricting the moral hazard of enterprises like mortgage and liquidation,the requirement of equity financing to financial market environment is higher;from the internal structure of debt financing,with the increase of the cost of intermediation,the Enterprises will shift from credit financing to bond financing.

关 键 词：金融结构 产业结构 技术特征 

分 类 号：G00[文化科学] O16[理学—数学]