融资方式与企业二元创新路径选择——基于技术创新与非技术创新视角  

Financing Modalities and the Choice of Binary Innovation Paths for Firms:A Study Based on Technological and Non-technological Innovation

作　　者：吴翌琳[1] 张旻 于鸿君[3] WU Yilin;ZHANG Min;YU Hongjun(Research Center of Applied Statistics,Renmin University of China;School of Statistics,Renmin University of China;Guanghua School of Management,Peking University)

机构地区：[1]中国人民大学应用统计科学研究中心/统计学院/中国调查与数据中心,北京100872 [2]中国人民大学统计学院 [3]北京大学光华管理学院,北京100871

出　　处：《金融研究》2024年第1期38-55,共18页Journal of Financial Research

基　　金：北京市习近平新时代中国特色社会主义思想研究中心重大项目(22LLYJA022)的资助。

摘　　要：本文基于2020年全国企业创新调查的地市级样本,分析技术创新与非技术创新的空间分异,针对银行贷款、股票市场、债券市场、风险投资等融资方式,构建似不相关回归模型,探索各融资方式对企业二元创新路径选择的影响差异。研究发现:各融资模式对技术创新和非技术创新均有显著促进作用,其中,银行贷款对技术创新作用相对其他融资方式较小,对非技术创新作用小于股票市场、风险投资,大于债券市场;当企业受到融资约束时,银行贷款扩张只促进非技术创新,而其它融资方式仍同时促进技术创新与非技术创新;在知识产权保护强度较高、融资担保力度较大、数字金融发展较好的地区,银行贷款能够推动技术创新与非技术创新协同发展。本文基于国家创新调查的权威数据,可为推进创新驱动发展战略、加快构建新发展格局提供参考。Innovation is an important factor in economic growth and prosperity.Innovation includes both technological and non-technological innovation.Research has focused on the influencing factors of technological innovation.Relatively little literature has examined the factors influencing non-technological innovations,especially the impact of the macroeconomic environment.The financial system plays an important role in the allocation of innovation resources.There may be differences in the impact of different financing modalities,such as banks and stock markets,on innovation.Most previous studies have examined the impact of a single financing modality,such as bank loans.Fewer have provided a comprehensive and systematic comparison of the various financing modalities.Therefore,we explore the factors driving technological innovation and non-technological innovation based on data from the 2020 National Enterprise Innovation Survey in China at the prefectural and municipal levels.Using a seemingly unrelated regression(SUR)model based on a system of simultaneous equations,we compare the impacts of bank loans,the stock market,the bond market and venture capital investment on technological and non-technological innovation.Our aim is to answer the following questions:whether the support of the banking sector,which is dominant in China's financial system,is stronger or weaker than that of other financing modalities;and how to guide the banking sector to promote the synergistic development of technological and non-technological innovations.This paper makes the following findings.Each financing modality has a significant role in promoting technological and non-technological innovation.Bank loans play a smaller role in technological innovation than other forms of financing.The role of bank loans in non-technological innovation is smaller than those of the stock market and venture capital,and larger than that of the bond market.When firms are constrained by financing,the expansion of bank loans promotes only non-technological innovati

关 键 词：融资方式 非技术创新 技术创新 区域创新 融资约束 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济]