摘要
基于2009~2018年中国海关和财务数据库匹配的701家上市公司数据,本文考察了汇率变动对微观企业创新的影响和作用机制,并进一步探究了面临不同程度融资约束时企业对于创新和并购的选择问题。研究表明:汇率变动会通过市场竞争影响企业创新,即企业实际有效汇率升值会显著提高市场竞争程度进而促进企业创新;在低融资约束时市场竞争的中介作用比在高融资约束时显著;进一步研究发现,低融资约束的企业趋向于选择创新,而高融资约束的企业趋向于选择并购。有鉴于此,增强人民币汇率弹性、降低融资约束可以充分发挥市场竞争对企业创新的推动作用。
Based on the unbalanced panel data of 701 listed companies matching the financial databases of China s customs and corporate listed companies from 2009 to 2018,this article examines the impact of exchange rate changes on micro-enterprises innovation and the influence mechanism,and further explores the choice of firms innovation and M&A when faced with different degrees of financing constraints.Findings of the study show that exchange rate changes will affect enterprise innovation through the intermediary of the market structure competition,that is,the appreciation of the actual effective exchange rate of enterprises will significantly increase the degree of the market competition and promote enterprise innovation.Moreover,the mediating effect of the market competition under low financing constraints is more significant than that under high financing constraints.Further research finds that companies with low financing constraints tend to choose innovation,while companies with high financing constraints tend to choose mergers and acquisitions.In view of this,enhancing exchange rate flexibility and reducing financing constraints can give full play to the role of the market competition in promoting corporate innovation.
作者
陈奉先
王晨
CHEN Fengxian;WANG Chen(School of Finance,Capital University of Economics and Business,Beijing 100070,China)
出处
《财经论丛》
CSSCI
北大核心
2021年第4期36-48,共13页
Collected Essays on Finance and Economics
基金
国家社会科学基金青年项目(15CJY081)
北京市属高校高水平教师队伍建设支持计划青年拔尖人才培育计划项目(CIT&TCD201704100)。
关键词
汇率变动
市场竞争
企业创新
Exchange Rate Changes
Market Competition
Enterprise Innovation
