外资持股与企业创新:内在机制和实证检验  

Foreign Shareholding and Firm Enterprise: Internal Mechanism and Empirical Test

作　　者：高洁超 张亦舒 孟士清 Gao Jiechao;Zhang Yishu;Meng Shiqing

机构地区：[1]上海对外经贸大学国际经贸学院 [2]上海对外经贸大学 [3]中国农业银行江苏省分行

出　　处：《经济研究参考》2023年第10期63-77,共15页Review of Economic Research

基　　金：上海市哲学社会科学规划青年课题“信贷结构优化与中国三支柱调控框架研究——基于制度授权和一般均衡视角”(No.2022EJL001)。

摘　　要：本文利用2007~2020年A股上市公司数据,实证检验了外资持股对企业创新的影响及作用机制。研究发现,外资持股显著提升了企业的创新产出水平,融资约束在其中发挥了中介作用。进一步分析表明,外资持股对高技术制造业企业创新水平的提升作用更为明显;外资持股对企业创新的促进作用在管理者短视程度较低的企业中更为明显。本文丰富了促进企业创新的理论机制研究,为加快金融开放提供了依据,同时为合理约束地方政府债务、构建和谐的政企关系提供了参考。Based on the data of A-share listed companies from 2007 to 2020, this paper empirically examines the impact of foreign shareholding on enterprise innovation and its mechanism. It is found that foreign shareholding significantly increases the level of enterprise innovation output, and financing constraints play an intermediary role. Further analysis shows that foreign shareholding has a more significant effect on the innovation level of high-tech manufacturing enterprises, and the promotion effect of foreign shareholding on enterprise innovation is more obvious in those enterprises with less degree of managerial myopia. The findings of this paper enrich the research on the theoretical mechanism of promoting enterprise innovation, and provide the basis for accelerating financial opening up. At the same time, it provides a reference for the reasonable restriction of local government debt and the construction of harmonious government-enterprise relationship.

关 键 词：外资持股 企业创新 融资约束 管理者短视 地方政府债务 

分 类 号：F832.6[经济管理—金融学] F273.1