国家级金融综合改革试验区设立与企业实质性创新  

Establishment of national financial comprehensive reform pilot zone and substantive innovation of enterprises

作　　者：韩彩霞 岳华[1] HAN Caixia;YUE Hua(School of Economics and Management,East China Normal University,Shanghai 200062,China)

机构地区：[1]华东师范大学经济与管理学院,上海200062

出　　处：《产业经济研究》2024年第2期45-58,共14页Industrial Economics Research

基　　金：国家社会科学基金重点项目(23AJL009);上海市哲学社会科学规划项目一般课题(2023BJL005)。

摘　　要：如何提升金融服务实体经济水平是当前金融供给侧结构性改革的重要议题。以国家级金融综合改革试验区设立作为准自然实验,借助2007—2021年中国上市企业数据,探究了试验区设立对企业创新质量的影响及其作用机制。研究发现,试验区设立有利于企业实质性创新,这一核心结论在多维度的稳健性检验后保持不变;机制检验结果显示,融资约束缓解与行业竞争加剧是试验区设立提高企业创新质量的两条渠道;异质性分析表明,试验区设立对企业实质性创新的正向影响主要集中于非国有、规模较小、外部融资依赖度较高及生产率较高企业,与上述作用渠道在逻辑上保持了一致。进一步研究发现,以金融创新与支持产业升级为导向的试验区对企业实质性创新的促进效应更显著。研究表明,在更大范围内推广和布局以制度创新为核心的金融改革试验区是提高金融服务实体经济水平的有效途径,这为金融供给侧结构性改革方向提供了一定政策启示。Enhancing the level of financial services in the real economy is an important aspect of the current supply-side structural financial reform.The study uses the establishment of national-level comprehensive financial reform pilot zones as a quasi-natural experiment to explore the impact of pilot zones on the quality of corporate innovation and the mechanism of this effect using data on Chinese listed firms from 2007 to 2021.The study finds that the establishment of the pilot zone has a positive impact on substantive innovation by firms,a finding that remains unchanged after a multi-dimensional robustness test;the results of the mechanism test show that the alleviation of financing constraints and the intensification of industry competition are the two channels through which the pilot zones improve the quality of innovation.The heterogeneity analysis shows that the positive impact of the establishment of the pilot zones on substantive innovation by firms is mainly concentrated in non-state-owned,smaller enterprises,enterprises that rely on a high degree of external financing,and those that are highly productive,which is in line with the above mentioned channels of action in the logic.Furthermore,the pilot zone oriented by financial innovation and supporting industrial upgrading has a more significant positive effect on firms'substantive innovation.The study shows that the promotion and layout of financial-reform pilot zones with a wider scope and centered on system innovation is an effective way to improve the level of financial services in the real economy,with policy implications for supply-side finance-related structural reform.

关 键 词：国家级金融综合改革试验区 企业实质性创新 融资约束 行业竞争 多期双重差分法 

分 类 号：F124.3[经济管理—世界经济] F062.9