摘要
文章利用中国工业企业数据,分析了集群商业信用与企业创新之间的关系。研究发现:第一,集群商业信用可以促进企业创新,该结论十分稳健,并未随着估计模型的改变而变化;第二,集群商业信用能够通过放松融资约束的机制促进企业创新;第三,通过观察期内企业是否变更经营地点的信息构造拟自然实验,用DID和PSM-DID方法处理了内生性问题后,实证结果依然表明集群商业信用对企业创新具有促进作用。这意味着在尚待完善的金融和法律制度下,集群商业信用为企业提供了有效的融资渠道,从而有助于它们进行创新活动。
This article analyses the relationship between cluster business credit and firm innovation with the data on Chinese industrial firms. It is found that at first cluster business credit can promote firm innovation.This finding is very robust and does not change with the change of the estimated model. Secondly, cluster business credit can promote firm innovation through the mechanism of relaxing financing constraints. Third, after the endogeneity problem is addressed by the DID and PSM-DID methods through an information-constructed natural experiment on whether firms change their business location during the observation period, the empirical results still suggest that cluster business credit promotes firm innovation. The study implies that cluster business credit provides firms with effective access to finance and thus contributes to their innovative activities in a yet to be improved financial and legal system.
作者
杨励
陈彪
YANG Li;CHEN Biao
出处
《求是学刊》
CSSCI
北大核心
2022年第6期64-73,共10页
Seeking Truth
基金
教育部哲学社会科学研究重大课题攻关项目“培育我国国际竞争新优势建设贸易强国的战略路径研究”(16JZD018)
河南省重点研发与推广专项(软科学研究)项目“新发展格局下河南省中小企业数字化转型发展现状、实现路径和保障措施”(222400410159)。
关键词
集群商业信用
融资约束
企业创新
cluster business credit
financing constraints
corporate innovation
