融资约束下环境规制对企业技术创新的影响

发布时间：2018-02-12 15:49

本文关键词： 融资约束环境规制技术创新调节效应　出处：《系统工程》2016年12期 　论文类型：期刊论文

【摘要】：采用2009~2013年重污染行业上市公司的经验证据,考察环境规制和融资约束分别对企业技术创新的影响,以及融资约束在环境规制对企业技术创新影响中的调节效应。研究发现:(1)环境规制对企业技术创新的影响作用不确定。内生环境规制对企业技术创新具有正向促进作用,而外生环境规制则对企业技术创新具有负向作用,但不显著。(2)较低的内外部融资约束能促进企业技术创新,且相比外部融资,内部融资的促进作用更明显。(3)内外部融资约束越低越能支持环境规制创新效应或缓解环境规制挤出效应。(4)考虑企业异质性,按产权分组的情况下,内部融资和外部的作用效果不同。首先,民营企业较多依赖内部融资支持内生环境规制创新效应,外部融资未能显著发挥其支持作用。内外部融资有利于缓解外生环境规制的挤出效应,但作用并不显著。而国有企业更偏好于使用"别人的钱"来支持环境规制创新效应或缓解挤出效应,内部融资未能显著发挥其支持作用。最后为国家环境保护、环境规制工具选择、促进企业技术创新和完善环境保护配套融资机制提出政策建议。
[Abstract]:Based on the empirical evidence of the listed companies in heavily polluted industries from 2009 to 2013, the effects of environmental regulation and financing constraints on the technological innovation of enterprises are investigated. And the regulatory effect of financing constraints in the impact of environmental regulation on enterprise technological innovation. The study found that the impact of environmental regulation on enterprise technological innovation is uncertain. Endogenous environmental regulation has a positive role in promoting enterprise technological innovation. On the other hand, exogenous environmental regulation has a negative effect on technological innovation of enterprises, but it is not significant. 2) low internal and external financial constraints can promote technological innovation of enterprises, and compared with external financing. The promotion effect of internal and external financing is more obvious. (3) the lower the internal and external financial constraints, the more can support the innovation effect of environmental regulation or alleviate the crowding out effect of environmental regulation. 4) considering the heterogeneity of enterprises, according to the case of property right grouping, The effects of internal financing and external financing are different. Firstly, private enterprises rely more on internal financing to support the innovative effects of endogenous environmental regulation. External financing can not play its supporting role. Internal and external financing is helpful to alleviate the crowding out effect of exogenous environmental regulation. But the effect is not significant. The state-owned enterprises prefer to use "other people's money" to support the innovation effect of environmental regulation or to mitigate the crowding out effect, and the internal financing does not play a significant role in supporting it. Finally, for the national environmental protection, The choice of environmental regulation tools, the promotion of technological innovation of enterprises and the improvement of supporting financing mechanism for environmental protection put forward policy recommendations.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金重点资助项目(71232004) 国家社会科学基金资助项目(15BJY021)
【分类号】：X322;F273.1

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