融资可得性、融资成本与民营企业创新  

Financing Availability,Financing Cost,and Innovation of Private Enterprises

作　　者：彭向[1] 邹慧 PENG Xiang;ZOU Hui(Business School,Soochow University,Suzhou Jiangsu 215021,China)

机构地区：[1]苏州大学商学院,江苏苏州215021

出　　处：《苏州大学学报（哲学社会科学版）》2024年第1期111-123,共13页Journal of Soochow University(Philosophy & Social Science Edition)

基　　金：国家社会科学基金项目“民营企业创新质量提升的动力机制与引导政策研究”(项目编号:19BYJ108)的阶段性成果。

摘　　要：作为我国科技创新中坚力量,民营企业的技术创新一直面临“融资难”和“融资贵”问题。本文在一个综合框架内探究融资可得性和融资成本对民营企业创新的影响。实证研究发现:融资可得性的提高可以显著促进民营企业创新,而融资成本的上升没有显著抑制民营企业创新;进一步研究发现,融资可得性的改善更有利于促进股权集中度高、规模小、市场化水平较低地区的民营企业创新。研究结果表明,从促进民营企业创新角度看,解决民营企业融资困境主要在于提高融资可得性;在畅通融资渠道过程中,如果交易成本增加或正常的风险溢价导致较高的融资成本,则应允许这种隐性成本外显以促进市场机制发挥作用。此外,还应依据政策效应大小,对不同类型民营企业给予不同力度的政策支持。As the backbone of scientific and technological innovation in our country,the technological innovation of private enterprises has always faced the problems of“financing difficulty”and“financing expensive”.This paper delves into the impact of financing availability and financing cost on innovation of private enterprises within a comprehensive framework.The empirical results show that the improvement of financing availability significantly promotes the innovation of private enterprises,but the increase of financing cost does not significantly inhibit the innovation of private enterprises.Further research reveals that the improvement of financing availability is more conducive to promoting the innovation of private enterprises in regions with high equity concentration,small scale and low marketization levels.The research results underscore that the main solution to the financing dilemma of private enterprises is to improve financing availability from the perspective of systematically promoting the innovation of private enterprises.In the process of unblocking financing channels,if increased transaction costs or normal risk premiums lead to higher financing cost,this hidden cost should be allowed to be explicit to promote the function of market mechanisms.In addition,tailored policy support should be provided to different types of private enterprises based on the varying degrees of policy effectiveness.

关 键 词：民营企业 融资可得性 融资成本 企业创新 

分 类 号：F276[经济管理—企业管理] F127[经济管理—国民经济]