商业研究

商业研究

• 商经理论 • 上一篇    下一篇

信贷配给、金融发展水平与企业创新

窦炜，郝晓敏，方俊   

  1. （华中农业大学 经济管理学院，武汉 430070）
  • 收稿日期:2018-11-26 出版日期:2019-06-16
  • 作者简介:窦炜（1979-），男，武汉人，华中农业大学经济管理学院副教授，会计学博士，研究方向：公司财务、会计理论、财务与金融；郝晓敏（1992-），女，山西平遥人，华中农业大学经济管理学院研究生，研究方向：公司财务与公司治理；方俊（1991-），男，安徽马鞍山人，华中农业大学经济管理学院研究生，研究方向：公司财务与公司治理。
  • 基金资助:
    国家自然科学基金项目，项目编号：71302117；教育部人文社科基金项目，项目编号：17YJA630012；中央高校基本科研业务费专项基金资助项目，项目编号：2662018PY047。

Credit Rationing, Financial Development Level and Enterprise Innovation

DOU Wei,HAO Xiao-min,FANG Jun   

  1. （School of Economics and Management,HuaZhong Agricultural University,Wuhan 430070,China）
  • Received:2018-11-26 Online:2019-06-16

摘要： 我国信贷规模的增长没有带来企业创新研发投入强度和效率的明显变化，其中，由于信贷配给问题的影响，在信贷结构上对企业创新研发的支持不足，同时，金融市场的发展水平也未在缓解信贷配给问题、影响信贷资金合理配置、提高企业创新研发投资效率等方面发挥应有的作用。基于上述推断，本文以我国2014-2016年A股上市公司为样本，考察信贷配给对企业创新活动投入（资本和劳动）和产出效率的影响，及其在不同地区金融发展水平下的差异。结果显示：整体而言，企业信贷配给规模的增加、期限结构的延长，以及信贷成本的下降确实会显著促进企业创新经营活动要素投入规模的上升和产出效率的提高，其中，相比于对资本要素投入的影响，其对劳动要素投入的影响更加敏感和显著；企业创新产出效率对信贷资源配置成本的变化，要比信贷配置的规模和期限更加敏感。进一步分析表明，地区金融发展水平确实对企业创新活动的投入和产出效率产生了影响。以上研究的重要启示在于，金融服务支持企业技术创新，要同时关注信贷规模、期限和成本等对企业创新活动不同要素的影响，以及对不同地区金融发展水平下企业技术创新活动的影响，使信贷支持更加精准、有效；而上述目标的有效实现，还需要有针对性政策影响下的机制引导。

关键词: 信贷配给, 金融发展水平, 创新投入, 创新效率

Abstract: The increase of credit scale in China does not bring obvious changes in the intensity and efficiency of innovative R&D investment, furthermore, due to the impact of credit rationing, the credit structure does not support the innovative R&D of enterprises. At the same time, the financial development level has not played its due role in alleviating the problem of credit rationing, affecting the rational allocation of credit funds and improving the efficiency of enterprises′ innovative R&D investment. Based on the basis of the data of Chinese A-share companies from 2014 to 2016, the paper analyzes the implication of credit rationing on the input(capital and labor) and output efficiency of enterprise innovation and analyzes the effect of different financial development levels on this implication. The empirical results show that: the increase in the scale of credit rationing, extension of the term structure, as well as the decline in the cost of credit will significantly improve the input scale and output efficiency of enterprise innovation, furthermore, compared with the influence of credit rationing on the capital input of enterprise innovation, the influence of credit rationing on the labor input is more sensitive and significant;compared with the change scale and term structure of credit rationing, the efficiency of enterprise innovation is more sensitive to the change of cost of credit rationing. By further analysis, the paper finds that the financial development level has an impact on the input and output efficiency of enterprise innovation. The important enlightenment of the above research is that financial services support enterprise technological innovation, and financial institutions should pay attention to the impact of credit scale, duration and cost on different elements of enterprise innovation activities, and on enterprise technological innovation activities at different levels of financial development in different regions to make credit support more accurate and effective. The effective realization of the above objectives requires the guidance of mechanism under targeted policies.

Key words: credit rationing, financial development level, innovation input, innovation efficiency