金融错配影响技术创新的政府补贴效应分析——基于企业控股权性质差异视角  

An analysis of the government-subsidy effect on the impact of financial misallocation on technological innovation: A study from the perspective of enterprises′ ownership difference

作　　者：刘斌斌 左勇华 Liu Binbin;Zuo Yonghua(School of Finance,Jiangxi Normal University,Nanchang 330022,Jiangxi,China;Institute of Jiangxi Economic Development,Jiangxi Normal University,Nanchang 330022,Jiangxi,China)

机构地区：[1]江西师范大学财政金融学院,江西南昌330022 [2]江西师范大学江西经济发展研究院,江西南昌330022

出　　处：《科研管理》2022年第1期61-69,共9页Science Research Management

基　　金：国家社会科学基金:“企业技术创新模式选择及其金融资源错配纠偏机制设计与路径优化对策研究”(17BJY035,2017.07—2020.05);江西省高校人文社科项目:“民营企业创新效率提升及其适配性金融结构设计与优化对策研究”(JJ21114,2021.10—2023.06)。

摘　　要：基于控股权性质差异视角,本文首先理论分析金融错配对国有与民营企业技术创新产出及其模式选择的差异性影响,以及政府补贴在缓解金融错配影响企业技术创新时的政策效应;然后再以我国A股市场2012—2019年期间上市企业为样本并基于面板数据模型进行实证检验。研究结果表明:虽然金融错配有助于增加国有企业技术创新产出,但它在降低民营企业创新产出水平的同时,会严重阻碍国有与民营企业原始发明创新能力的提升;政府补贴能有效缓解金融错配对民营企业技术创新产出与原始发明创新能力的不利影响,并对其研发投入产生正向"挤入效应",但它对国有企业技术创新投入与产出的政策效果均不显著。It is important for financial institutions to bring such functions as financial intermediation,risk diversification and revenue assessment into play to improve a nation′s technological innovation capacity,and whether or not to be able to finance enough external equity funds and debts will have an important impact on enterprises′technological innovation activity and their according technological innovation strategies.However,there exists serious binary ownership financial misallocation under the background of binary ownership economic structure and government′s dominance on financial resource allocation.As misallocation of limited and scarce financial resource appears,not only does it make those enterprises with stronger innovation aspiration and higher innovation efficiency fall into financing dilemma,it always results in the distortion of capital price and the loss of financial system′s risk diversification and revenue assessment functions,which will hider enterprises from conducting technological innovation and thus improving their technological innovation capability.As an important measure to encourage enterprises to innovate,subsidies are often used by many governments.Although previous studies have paid much attention to discuss the influence mechanism,conducive pathway and the policy effect of government subsidies on enterprises′R&D and innovation outputs under the hypothesis of financial resource being allocated reasonably,and further attention has been paid to discuss the influence of government subsidies on encouraging enterprises with different ownership to innovate,there exist few studies discussing government subsidies′policy effect under the background of financial resource being misallocated.Accordingly,this paper is aimed to discuss the policy effect and conducive mechanism of government subsidies on technological innovation of enterprises confronted with financial misallocation constraints from the perspective of different enterprise′s ownership.After analyzing the impact of financia

关 键 词：控股权性质 金融错配 技术创新 政府补贴效应 

分 类 号：F832.5[经济管理—金融学]