摘要
现有文献普遍认为银行关联在缓解融资约束基础上可激励企业进行创新活动。但企业建立关联关系需付出一定的寻租成本,且融入寻租网络企业易增加信贷可得依赖性引发过度投资,挤占创新投入,因此这种关系型融资并不必然激励企业创新。本研究在理论机制分析基础上,利用2012-2017年沪深A股制造业上市公司面板数据探究银行关联与企业创新的关系。构建双向固定效应模型研究发现,银行关联对企业创新具有显著的负向影响。在运用工具变量法、控制地区层面变量、替换银行关联与创新指标、考虑创新滞后效应等多维度稳健性检验显示该结果依旧具有稳健性。进一步机制检验和异质性分析表明,银行关联以寻租成本和过度投资等途径显著抑制了企业创新能力,且这种抑制效应依企业性质、规模及资本密集程度存在异质性表现。
The existing literature generally agrees that bank affiliation can motivate firms to innovate by alleviating financing constraints. However, there is a rent-seeking cost associated with establishing a relationship with a bank, and the integration of firms into the rent-seeking network tends to increase credit availability and overinvestment, crowding out innovation inputs. Therefore, this kind of financing caused by bank affiliation does not necessarily motivate firms to innovate. Based on the theoretical mechanism analysis, this study explores the relationship between bank affiliation and corporate innovation using panel data of manufacturing companies listed in Shanghai or Shenzhen A-shares from 2012 to 2017. A Two-way Fixed-effects model is constructed to find that bank affiliation has a significant negative effect on innovation. Multi-dimensional robustness tests including instrumental variables method, controlling for regional-level variables, replacing bank affiliation and innovation indicators, and considering the innovation lag effect show that the results are still robust. Further mechanism tests and heterogeneity analysis show that bank affiliation significantly inhibits innovation capacity by increasing rent-seeking costs and overinvestment. This inhibitory effect is heterogeneous depending on the nature, size, and capital intensity of firms.
作者
何文剑
江民星
HE Wen-jian;JIANG Min-xing(School of Business,Nanjing University of Information Science and Technology,Nanjing 210044,China)
出处
《商业研究》
CSSCI
北大核心
2022年第5期114-122,共9页
Commercial Research
基金
国家自然科学基金青年项目,项目编号:72003097
教育部人文社科青年基金项目,项目编号:18YJC790041
广州市哲学社会发展“十四五"规划课题”,项目编号:2022GZYB13。
关键词
银行关联
企业创新
工具变量
寻租
bank affiliation
firm innovation
instrumental variables
rent-seeking
