生命周期视角下融资渠道影响企业创新的激励效应及作用机制分析  

Analysis of the Incentive Effect and Mechanism of Financing Channels Influencing Enterprise Innovation from the Perspective of Life Cycle

作　　者：张兆国[1] 张栋良 寇明婷 Zhang Zhaoguo;Zhang Dongliang;Kou Mingting(School of Management,Huazhong University of Science and Technology,Wuhan 430071,China;School of Accounting,Hubei University of Commerce,Wuhan 430079,China;School of Economics and Management,University of Science and Technology Beijing,Beijing 100083,China)

机构地区：[1]华中科技大学管理学院,湖北武汉430071 [2]湖北商贸学院会计学院,湖北武汉430079 [3]北京科技大学经济管理学院,北京100083

出　　处：《科技管理研究》2024年第14期16-27,共12页Science and Technology Management Research

基　　金：国家自然科学基金面上项目“全创新链视角下企业创新政策生态系统研究:政策复杂性与政策协同性的适应演化”(72274012);国家社会科学基金重大项目“新型举国体制下技术突破的市场机制和政策路径研究”(21&ZD122);湖北商贸学院校级教研项目“基于OBE理念的财务管理专业人才教育改革研究”(202332)。

摘　　要：不同生命周期下企业具有差异化的创新强度、创新需求和融资约束,融资政策效应和作用机制可能也有所差异。为进一步深入了解融资渠道对企业创新的影响、企业生命周期对此的调节作用,从企业生命周期视角以及非线性效应角度,根据2008—2022年中国上市公司的数据,通过增加融资约束、减少研发投入、减少资本投入等方式考察内外部多种融资渠道对企业创新的影响,为金融资本精准化配置提供理论和实证依据。结果发现:政府补贴、税收优惠、自有资金和股权融资等融资渠道对企业创新具有明显的促进作用,但随着时间推移,这些融资渠道的激励效应逐渐减弱,而银行贷款却会阻碍企业的创新;生命周期对企业创新影响具有调节作用,不同的融资渠道对企业创新的影响因企业生命周期的不同阶段而异,激励作用的整体绩效会随着企业生命周期的推进而减弱,其中对非国有企业的创新影响比国有企业更显著;各融资渠道对企业创新的影响呈“U”型或倒“U”型关系,其中政府补贴的倒“U”型拐点为3.3%,税收优惠的倒“U”型拐点为4.0%,银行贷款的“U”型拐点为48.1%,主要融资渠道与企业创新之间存在非线性关系,当前融资渠道位于拐点左侧,说明各融资渠道的影响范围较为适中。最后根据研究发现,对进一步激发融资渠道的创新激励效应提出对策建议。Under different life cycles,enterprises have different innovation intensity,innovation demand and financing constraints,and the effect and mechanism of financing policies may also be different.In order to further understand the impact of financing channels on enterprise innovation and the regulatory role of enterprise life cycle,from the perspective of enterprise life cycle and nonlinear effect,based on the data of listed companies in China from 2008 to 2022,by increasing financing constraints,reducing R&D investment,and reducing capital investment,the influences of various internal and external financing channels on enterprise innovation are investigated to provide theoretical and empirical basis for the precise allocation of financial capital.The results show that the financing channels such as government subsidies,tax incentives,private funds,and equity financing have obvious promotion effects on enterprise innovation,but with the passage of time,the incentive effect of these financing channels is gradually weakened,while bank loans will hinder the innovation of enterprises.The influence of different financing channels on enterprise innovation varies according to different stages of enterprise life cycle.The overall performance of incentive effect will weaken with the advance of enterprise life cycle,and the impact on innovation of non-state-owned enterprises is more significant than that of state-owned enterprises.The influence of financing channels on enterprise innovation presents a U-shaped or inverted U-shaped relationship,in which the inverted U-shaped inflection point of government subsidies is 3.3%,the inverted U-shaped inflection point of tax incentives is 4.0%,and the U-shaped inflection point of bank loans is 48.1%.There is a nonlinear relationship between main financing channels and enterprise innovation,and the current financing channel is on the left side of the inflection point,it shows that the influence range of each financing channel is moderate.Finally,according to the research findings,the

关 键 词：融资渠道 企业创新 企业生命周期 激励效应 创新资源配置 

分 类 号：F275[经济管理—企业管理] F273[经济管理—国民经济] F224.2[文化科学] G301