金融周期与中国企业创新  

The Financial Cycle and Chinese Enterprise Innovation

作　　者：靳晨鑫 金威 甄筱宇 王晨 Jin Chenxin;Jin Wei;Zhen Xiaoyu;Wang Chen

机构地区：[1]南开大学APEC研究中心 [2]南开大学经济学院跨国公司研究中心和国际经济研究所 [3]南开大学经济学院 [4]中国投资有限责任公司博士后科研工作站

出　　处：《宏观经济研究》2024年第3期33-50,77,共19页Macroeconomics

摘　　要：金融周期是微观经济个体的“风险价值偏好”与宏观经济环境的“金融融资约束”二者交互增强作用的结果,金融周期波动是否会对企业创新产生影响,如何影响?本文利用1996—2022年中国A股上市公司的数据,通过构建金融周期指数,实证检验金融周期对企业创新的影响。研究发现,金融周期上行可以促进企业创新,且对于非国有企业、大规模企业和中西部地区企业的促进作用更强;机制分析发现,金融周期通过降低企业股权融资成本来促进企业创新;拓展性分析发现,金融周期上行对于“专精特新”上市企业的创新具有显著的正向影响,并且这一影响系数显著大于全样本基准回归结果,即金融周期上行对科技型企业创新水平的促进作用更为显著。基于以上研究,本文从三个视角提出政策建议:第一,在宏观金融条件偏紧缩阶段,国家应加大对企业创新的支持力度,保持创新支持政策的延续性;第二,强化对创新型中小企业的创新支持力度,进一步为扩大中小企业的直接融资来源;第三,建议自上而下地对创新的鼓励措施进行改进,比如提高政府对创新的补助,加强对专利的保护,以此来激发公司的创新动力。Financial cycle is the result of the interaction between the‘risk-value preference’of microeconomic individuals and the‘financial financing constraints’of the macroeconomic environment,does the financial cycle fluctuation affect enterprise innovation and how?This article utilizes the data of China’s A-share listed companies from 1996 to 2022 to empirically examine the impact of financial cycle on enterprise innovation by constructing a financial cycle index.It is found that the upward financialcycle can promote enterprise innovation,and the promotion effect is stronger for non-stateowned enterprises,large-scale enterprises and enterprises in central and western regions;mechanism analysis finds that the financial cycle promotes enterprise innovation by lowering the cost of enterprise equity financing;and expanded analysis finds that the upward financial cycle has a significant positive effect on the innovation of listed enterprises with‘specialties,specialties and innovations’,and this impact coefficient is significantly larger than the full-sample benchmark regression results,i.e.,the upward financial cycle promotes the innovation level of science and technology-based enter prises more significantly.Based on the above research,this article puts forward policy suggestions from three perspectives:first,in the stage of tight macro financial conditions,the state should increase its support for enterprise innovation and maintain the continuity of innovation support policies;second,strengthen innovation support for innovative SMEs,and further expand the sources of direct financing for SMEs;and third,improve the incentives for innovation in a top-down manner,such as increasing government subsidies for innovation and strengthening the protection of patents,in order to stimulate companies’incentives to innovate.

关 键 词：金融周期 企业创新 融资成本 

分 类 号：F832[经济管理—金融学] F273.1