信贷寻租、融资约束与企业创新

发布时间：2018-03-11 14:24

本文选题：信贷寻租　切入点：融资约束　出处：《经济研究》2017年05期 　论文类型：期刊论文

【摘要】：本文利用2005年世界银行中国企业调查数据,考察了信贷寻租和融资约束对企业创新的影响,结果发现,信贷寻租和融资约束都能显著抑制企业创新,当企业遭遇信贷寻租时,融资约束对企业创新的制约作用更强。可能的原因是,信贷寻租减少了企业的创新利润,挤出和替代了企业的创新资金。在更替融资约束的测度指标进行稳健性检验,以及运用工具变量和PSM方法弱化信贷寻租和融资约束的内生性问题后,以上结论仍然成立。本文进一步按照企业规模、所有制类型和资本要素密集度划分样本进行分析,发现信贷寻租加剧融资约束对企业创新的抑制作用在中小企业、民营企业和资本密集型企业表现得尤为突出。因此,严厉打击寻租腐败,深化金融体制改革,让市场在资本配置中起决定性作用,有利于企业创新和经济的可持续发展。
[Abstract]:Based on the 2005 World Bank survey of Chinese enterprises, this paper examines the impact of credit rent-seeking and financing constraints on enterprise innovation. The results show that both credit rent-seeking and financing constraints can significantly inhibit enterprise innovation, when enterprises encounter credit rent-seeking. The possible reason is that the credit rent-seeking reduces the innovation profit of the enterprise, squeezes out and replaces the innovation fund of the enterprise. The above conclusions still hold true after the use of instrumental variables and PSM methods to weaken the endogenous problem of credit rent-seeking and financing constraints. This paper further divides the samples according to the size of the enterprise, the type of ownership and the capital factor intensity. It is found that credit rent-seeking intensifies the restraint of financing constraints on enterprise innovation, especially in small and medium-sized enterprises, private enterprises and capital-intensive enterprises. Therefore, we must crack down on rent-seeking corruption and deepen the reform of the financial system. Allowing the market to play a decisive role in capital allocation is conducive to enterprise innovation and sustainable economic development.
【作者单位】：中南财经政法大学统计与数学学院;中南财经政法大学金融学院;中南财经政法大学工商管理学院;
【基金】：国家自然科学基金青年项目“腐败扭曲企业行为的资源错配效应”(71503275)、国家自然科学基金面上项目“外部融资与中小企业创新”(71372212) 中国博士后特别基金项目“腐败扭曲企业行为的研究”(2016T90746)的资助
【分类号】：F273.1;F275;F832.4

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