摘要
研发投资的信息不对称性和高风险性,致使企业难以从银行获得足量研发资金支持。在资本市场发展不足的背景下,金融机构与实体企业相互参股所形成的产融结合模式对促进实体企业技术创新和推动产业技术升级具有重要意义。通过手工搜集所有类型金融机构持股实体企业数据,选择2009—2017年中国沪深A股非金融类研究样本对产融结合如何影响实体企业技术创新进行实证检验。检验结果发现:“金融+实体”的产融结合模式显著促进实体企业技术创新,且这种促进效应在融资约束更大、监督作用更强的企业中更显著,而“实体企业持股金融机构”的产融结合模式对技术创新具有抑制作用。机制检验发现:金融机构持股实体企业主要通过融资约束与风险分担两个机制促进企业技术创新,但相对于融资约束机制,风险分担机制的促进作用更强。这表明,产融结合特别是金融机构持股实体企业这一模式成为正式金融发展不足的一种有效补充。
The information asymmetry and high risk of R&D investment make it difficult for enterprises to obtain sufficient R&D funding support from banks.Under the background of insufficient development of capital market,the combination of industry and finance formed by mutual participation of financial institutions and entities has important significance for promoting technological innovation of entity enterprises and promoting industrial technology upgrading.By manually collecting data on the holdings of all types of financial institutions,we selected the 2009-2017 China Shanghai and Shenzhen A-share non-financial research samples to empirically test how the combination of industry and finance affects the technological innovation of entities.The test results show that the‘financial+entity’model of integration of industry and finance significantly promotes technological innovation in entity enterprises,and this promotion effect is more prominent in enterprises with stronger financing constraints and stronger supervision,while the combination of industry and finance of‘entity holdings of financial institutions’has a depressing effect on technological innovation.The mechanism test finds that:financial institutions holding entities mainly promoted technological innovation through financing constraint and risk sharing mechanisms,but the risk sharing mechanism is more effective than the financing constraint mechanism.This shows that the combination of industry and finance,especially financial institutions holding entities,has become an effective complement to formal financial development.
作者
杨筝
李茫茫
刘放
Yang Zheng;Li Mangmang;Liu Fang
出处
《宏观经济研究》
CSSCI
北大核心
2019年第10期62-77,共16页
Macroeconomics
基金
湖北省高等学校人文社会科学重点研究基地——企业决策支持研究中心重大项目“大数据与智能情景下决策知识获取与信息资源”(DSS20180204)
湖北金融发展与金融安全研究中心2018年重点课题“利率市场化对我国实体企业投资结构选择影响研究”(2018Z002)
武汉市人民政府博士资助经费(2018—2020年度)的资助
关键词
产融结合
融资约束
风险承担
技术创新
Combination of industry and finance
Financing constraints
Risk sharing
Technological innovation
