融资渠道、政府补贴与企业创新可持续性——基于动态面板模型的实证分析
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摘要
近年来,在国家"双创"战略引导下,学术界对企业创新的研究方兴未艾,但是对创新研发融资渠道以及平滑机制的研究尚且处于起步阶段。基于此,本文通过选取中国2005-2017年全部A股上市公司年度数据,探究企业创新活动的融资渠道、政府补贴与企业持续性创新投资之间的关系,旨在对中国创新研发投资长期以来持续增加、且相较于固定投资相对稳定的增长态势作出合理化解释。研究发现,内源融资是企业创新最主要的融资渠道,企业普遍存在融资约束问题,政府补贴尤其是直接补贴对缓冲企业创新投资波动有重要作用,作用程度与企业内部控制强度相关。最后,本文从平衡金融市场发展、加强企业体制建设和界定政府职责三个维度提出可行性建议。
In recent years, under the guidance of the national "Double Creations" strategy, the academic research on enterprise innovation is in the ascendant, but the research on innovative R&D financing channels and smoothing mechanism is still in its infancy. This paper explores the relationship among the main financing channels of corporate innovation activities, government subsidies and corporate sustainable innovation investment by selecting the annual data of all A-share listed companies in China from 2005 to 2017, aiming at rationalizing the long-term constant increase and a relatively stable growth compared to fixed investment in China's innovative R&D investment. It is found that endogenous financing is the most important financing channel for enterprise innovation investment activities. Enterprises generally have financing constraints.Government subsidies, especially direct subsidies, play an important role in buffering innovation investment volatility, while the degree of exertion is closely related to the internal control of enterprises. Finally, this paper attempts to propose feasible suggestions such as balancing financial market development, strengthening enterprise mechanism construction and defining government responsibilities.
In recent years, under the guidance of the national "Double Creations" strategy, the academic research on enterprise innovation is in the ascendant, but the research on innovative R&D financing channels and smoothing mechanism is still in its infancy. This paper explores the relationship among the main financing channels of corporate innovation activities, government subsidies and corporate sustainable innovation investment by selecting the annual data of all A-share listed companies in China from 2005 to 2017, aiming at rationalizing the long-term constant increase and a relatively stable growth compared to fixed investment in China's innovative R&D investment. It is found that endogenous financing is the most important financing channel for enterprise innovation investment activities. Enterprises generally have financing constraints.Government subsidies, especially direct subsidies, play an important role in buffering innovation investment volatility, while the degree of exertion is closely related to the internal control of enterprises. Finally, this paper attempts to propose feasible suggestions such as balancing financial market development, strengthening enterprise mechanism construction and defining government responsibilities.
引文
[1]鞠晓生.中国上市企业创新投资的融资来源与平滑机制[J].世界经济,2013,(4)
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[4]张瑾华,何轩,李新春.银行融资依赖与民营企业创新能力---基于中国企业家调查系统数据的实证研究[J].管理评论,2016,(4).
[5]胡亚茹,陈丹丹,刘震.融资约束、企业研发投入的周期性与平滑机制---基于企业所有制视角[J].产业经济研究,2018,(2).
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[12]Lamont O.,Polk C,Saa-Requejo J..Financial constraints and stock returns[J].Review of Financial Studies2011,14(2):529-554.
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[16]刘浩,孙铮.会计准则保护产权的“马太效应”研究---来自近代西方历史的回顾与企业所有权理论的分析[J].高等学校文科学术文摘,2006,(4)..
[17]李万福,杜静,张怀.创新补助究竟有没有激励企业创新自主投资---来自中国上市公司的新证据[J].金融研究,2017,(10).
[18]李晨光,张永安.区域创新政策对企业创新效率影响的实证研究[J].科研管理,2014,(9).
[19]李浩研,崔景华.税收优惠和直接补贴的协调模式对创新的驱动效应[J].税务研究,2014,(3).
[20]Bond S.,Meghir C..Dynamic investment models and the firm’s financial policy[J].Review of Economic Studies,1994,61(2),197-222.
[21]Fazzari S.,Glemn R,Petersen B..Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1(1),141-195.
[2]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1).
[3]Brown J.,Petersen B..Cash holdings and R&D smoothing[J].Journal of Corporate Finance,2011,17(3).
[4]张瑾华,何轩,李新春.银行融资依赖与民营企业创新能力---基于中国企业家调查系统数据的实证研究[J].管理评论,2016,(4).
[5]胡亚茹,陈丹丹,刘震.融资约束、企业研发投入的周期性与平滑机制---基于企业所有制视角[J].产业经济研究,2018,(2).
[6]丁述军,邵素文.银行竞争、融资约束与企业创新---来自上市公司的经验证据[J].山东财经大学学报,2016,(5).
[7]李健,杨蓓蓓,潘镇.中小企业股权集中度、产品市场竞争与企业创新可持续性[J].新产经,2016,(6).
[8]任曙明,吕镯.融资约束、政府补贴与全要素生产率---来自中国装备制造企业的实证研究[J].管理世界,2014,(11).
[9]Fazzari S.,Petersen B..Working captial and fixed investment:New evidence on financing constraints[J].Rand Journal of Economics,1993,24:328-342.
[10]宋在科,程晓东.创新投资的平滑机制研究---基于融资约束视角[J].巢湖学院学报,2017,(2).
[11]Hadlock C.,Pierce J..New evidence on measuring financial constraints:Moving beyond the KZ Index[J].Review of Financial Studies,2010,23(5),1909-1940.
[12]Lamont O.,Polk C,Saa-Requejo J..Financial constraints and stock returns[J].Review of Financial Studies2011,14(2):529-554.
[13]余明桂,范蕊,钟慧洁.中国产业政策与企业技术创新[J]社会科学文摘,2017,(2).
[14]吴剑峰,杨震宁.政府补贴、两权分离与企业技术创新[J].科研管理,2014,(12).
[15]傅利平,李小静.政府补贴在企业创新过程的信号传递效应分析:基于战略性新兴产业上市公司面板数据[J].系统工程,2014,(11).
[16]刘浩,孙铮.会计准则保护产权的“马太效应”研究---来自近代西方历史的回顾与企业所有权理论的分析[J].高等学校文科学术文摘,2006,(4)..
[17]李万福,杜静,张怀.创新补助究竟有没有激励企业创新自主投资---来自中国上市公司的新证据[J].金融研究,2017,(10).
[18]李晨光,张永安.区域创新政策对企业创新效率影响的实证研究[J].科研管理,2014,(9).
[19]李浩研,崔景华.税收优惠和直接补贴的协调模式对创新的驱动效应[J].税务研究,2014,(3).
[20]Bond S.,Meghir C..Dynamic investment models and the firm’s financial policy[J].Review of Economic Studies,1994,61(2),197-222.
[21]Fazzari S.,Glemn R,Petersen B..Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1(1),141-195.