摘要
基于企业微观生产率视角,将异质性贸易理论融入企业R&D投入分析框架,运用工业企业数据探究金融发展、政府干预对R&D投入的异质性影响机理。首先,通过构建数理模型发现,异质企业存在创新自选择行为,金融发展、政府干预程度降低时,企业生产率水平越高,R&D投入增加越多。其次,通过实证检验发现:金融发展降低了企业创新—现金流敏感度,政府干预降低减轻了金融发展的创新资金错配程度,更多促进高生产率企业的R&D投入;金融发展、政府干预降低对生产率较高私营企业R&D投入缓解效果更明显,对国企和外企效果相对较弱;发达地区金融发展对生产率较高企业影响作用更大,政府干预降低同样对发达地区高生产率企业R&D投入影响更大;金融发展对中小高生产率企业R&D投入影响不显著,政府干预条件下中小企业融资缓解和创新自选择行为变得不显著;金融发展、政府干预减轻同样对生产率较高的持续创新企业R&D投入影响更显著。
Although many studies examine the influence of external factors (financial development, institutional condition, government intervention and degree of marketization) on firms’ innovation behavior, they are rarely related to the core remark of heterogeneity--productivity. Thus, the degree of sensitivity, transmission process and influential mechanism of the effect of the above factors are the same, without having an essential difference. Schumpeter’s study emphasizes the influence of internal factors (from scale development to capital intensity, profit, age or human resources) on innovation behavior. However, his study mostly pays attention to productivity, but not the productivity of firms. His study usually reflects the contribution of non-productive factors of technological progress or institutional environment. The different level of productivity usually means a huge difference in skill level or efficiency of firms. Thus, a difference exists in innovation ability and innovation behavior, also a difference of degree of sensitivity in response to external factors. The core remark of heterogeneity “productivity” not only determines the self-choice mode of firms’ innovation but also determines the degree and pattern of an internal condition imposed by external factors and then influences the firms’ innovation behavior. The paper focuses on the effect of financial development, and government intervention on heterogeneous firm R&D input. First, the financial constraint is still the fundamental factor that restricts firms’ innovation behavior in China, depending on the level of financial development in China. Levine (2005) points out the intrinsic connection derives from effective financing provided by the financial market, because the durable power of economic growth is from the advance of social and firms’ productivity, and it requires the sustainable R&D input from micro firms. Second, during the transition period, local government controls several important resources such as capital and land to a
作者
王昱
安贝
WANG YuAN Bei(School of Business, Dalian University of Technology, Panjin 124221, China)
出处
《管理工程学报》
CSSCI
CSCD
北大核心
2019年第2期10-17,共8页
Journal of Industrial Engineering and Engineering Management
基金
教育部人文社科基金资助项目(16YJC790105)
国家自然科学基金资助项目(71473025)
辽宁省社科规划项目(L15CJY015)
大连理工大学人才引进基金项目(DUT15RC(3)124)
关键词
金融发展
政府干预
异质性
企业
R&D
投入
Financial development
Government intervention
Heterogeneity
Firm R&D input
