贷款期限结构和创新:中国微观证据  

Loan Term Structure and Innovation:Micro Evidence from China

作　　者：张杰 ZHNAG Jie(Economic Reform and Development Research Institute of China,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学中国经济改革与发展研究院,北京100872

出　　处：《商业经济与管理》2023年第4期5-30,共26页Journal of Business Economics

基　　金：国家社会科学基金重大项目“加快发展现代产业体系”(21ZDA022);国家自然科学基金面上项目“中国银行体制改革和制造业自主创新能力提升的协同发展模式研究”(71773132)。

摘　　要：在借鉴金融功能主义理论假说的基础上,文章实证检验了中国各省份地区金融机构的短期贷款导向的贷款期限结构特征,对地区微观企业创新投入可能造成的影响效应及其内在机制。稳健性的经验发现是:一方面,中国情景下金融机构中短期贷款导向的贷款期限结构对微观企业创新投入具有正向激励作用,这就验证了金融机构短期贷款导向的风险治理机制理论假说在中国情景下的适用性;另一方面,我们设计了符合中国现实发展特点的行业外部融资依赖性程度指标,发现了金融机构短期贷款导向的贷款期限结构,对外部融资依赖性程度相对更高的行业中微观企业创新投入所造成的负向阻碍作用,验证了金融体系的贷款期限结构与企业创新投入的匹配理论假说在中国情景下的适用性。Based on the theoretical hypothesis of financial functionalism,this paper empirically tests the characteristics of short-term loan oriented loan term structure of financial institutions in various provinces and regions of China,and the possible impact and internal mechanism on innovation investment of regional micro enterprises.The empirical findings of robustness are as follows:on the one hand,the term structure of short-term-oriented and medium-term-oriented loans of financial institutions in the Chinese context has a positive incentive effect on innovation investment of micro enterprises,which verifies the applicability of the theoretical hypothesis of short-term-loan-oriented risk governance mechanism of financial institutions in the Chinese context.On the other hand,we designed an industry external financing dependence index that conforms to the characteristics of China's current development,and found that the short-term loan oriented loan term structure of financial institutions has a negative blocking effect on the innovation investment of micro enterprises in industries with relatively higher external financing dependence.We validated the applicability of the matching theory hypothesis between the loan term structure of the financial system and enterprise innovation investment in the Chinese context.

关 键 词：贷款期限结构 企业创新 促进效应 行业外部融资依赖性 高新技术企业 

分 类 号：F832.1[经济管理—金融学]