金融错配与企业创新——基于政策扭曲与金融摩擦研究  

Financial misallocation and enterprise innovation:Research on policy distortion and financial frictions

作　　者：同小歌 冉茂盛[1] 李万利 Tong Xiaoge;Ran Maosheng;Li Wanli(College of Economics and Business Administration,Chongqing University,Chongqing 400044,China;College of Finance and Statistics,Hunan University,Changsha 410082,Hunan,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]湖南大学金融与统计学院,湖南长沙410082

出　　处：《科研管理》2022年第7期69-76,共8页Science Research Management

基　　金：国家社会科学基金项目(19BJY038);国家自然科学基金项目(72032007;71972159);中国博士后基金项目(2021M6937 74)。

摘　　要：本文在Matsuyama与G-S模型的基础上引入金融错配等变量,系统考察金融错配对企业创新的影响机理并予以模型刻画,进而提出核心命题。利用2003—2018年我国上市公司微观数据,在测算金融错配指数的基础上,从政策扭曲与金融摩擦双重视角对上述核心命题进行验证。研究结果发现:金融错配对企业创新具有明显的“抑制效应”,尤其是对企业“创新质量较高的发明专利”抑制作用更为显著。进一步检验揭示,金融错配会通过政策扭曲和金融摩擦这两条路径影响企业创新。本文研究意义在于不仅从微观层面揭示金融错配抑制创新的内在逻辑,同时从双视角进一步剖析金融错配的影响渠道,对于改善企业经营环境,促进企业创新具有重要的现实意义。Innovation has become a "new engine" to promote China′s economic growth and a key factor in the success or failure of economic restructuring.How to stimulate the innovation motivation of enterprises,change the mode of economic growth and enter the stage of high-quality development has become the most urgent and realistic problem.The innovation activities of enterprises are inseparable from the effective support of financial resources.However,China′s financial system shows serious misallocation.This is worth studying how does financial misallocation in the market affect the innovation behavior of enterprises.Therefore,this paper introduces financial misallocation and other variables on the basis of the Matsuyama model and G-S model,systematically examines the impact mechanism of financial misallocation on corporate innovation and characterizes the model,and then proposes core propositions.Using the micro data of China′s listed companies from 2003 to 2018,based on the calculation of financial misallocation index,the above core propositions are verified from the dual perspective of policy distortion and financial friction.The results of the study found that financial misallocation companies have a significant "suppressive effect" on innovation,especially on companies that have "higher quality innovation patents".Further inspection revealed that financial mismatch will affect corporate innovation through two paths:policy distortion and financial friction.The research results of this paper have the following two contributions.First of all,this paper uses mathematical models and theoretical analysis to reveal to some extent the mechanism by which financial misallocation affect the innovation of Chinese enterprises,thereby providing new evidence for the innovation and development of Chinese enterprises.Secondly,from the dual perspective of policy distortion and financial market friction,the internal mechanism and transmission path of financial mismatch affecting corporate innovation is analyzed.The results of the

关 键 词：金融错配 企业创新 政策扭曲 金融摩擦 

分 类 号：F276.6[经济管理—企业管理]