金融发展对企业创新投资的边界影响——基于HECKIT模型的规模与效率门槛研究

发布时间：2018-04-18 10:40

本文选题：金融发展 + 两阶段创新投资　；参考：《科学学研究》2017年01期

【摘要】：强化市场机制在资源配置中的决定作用,促进金融资本支持企业创新投资是中国产业结构升级的关键。首先,本文从理论机理上梳理了金融发展对企业创新投资两阶段边界影响,认为超过一定边界的金融规模或金融效率不利于企业的创新决策和创新投资。其次,运用三阶段DEA-Malmquist指数、HECKIT模型和门限模型实证检验发现:(1)金融规模影响企业创新投资具有双门槛值,深化不足或过度扩张导致金融发展偏离企业创新投资过程,金融发展对企业创新投资影响更多体现在扩展边际,而非集约边际。(2)金融效率影响企业RD投资具有单门槛值,金融业纯技术效率水平提升以及金融业前沿技术向前推移,越有利于企业创新投资。(3)金融发展边界相对于私企、中低技术企业更高。提升金融效率是跨越企业创新投资过程中规模瓶颈的重要途径。
[Abstract]:The key to upgrade China's industrial structure is to strengthen the decisive role of market mechanism in the allocation of resources and to promote financial capital to support innovative investment of enterprises.First of all, this paper combs the influence of financial development on the two-stage boundary of enterprise innovation investment from the theoretical mechanism, and considers that the financial scale or financial efficiency beyond a certain boundary is unfavorable to the innovation decision and investment of the enterprise.Secondly, by using the three-stage DEA-Malmquist index and HECKIT model and threshold model, we find that the financial scale has a double threshold value to affect the innovation investment of enterprises, and deepening insufficiency or excessive expansion leads to financial development deviating from the process of enterprise innovation investment.The impact of financial development on enterprise innovation investment is more reflected in the expansion margin than in the intensive marginal. 2) the financial efficiency has a single threshold value for enterprise R D investment, the level of pure technical efficiency of the financial industry has improved and the financial industry frontier technology has moved forward.The more favorable innovation investment is, the higher the financial development boundary is, and the higher the middle-and-low-tech enterprises are.Improving financial efficiency is an important way to overcome the bottleneck of scale in the process of enterprise innovation investment.
【作者单位】：大连理工大学商学院;大连理工大学经济学院;
【基金】：国家自然科学基金资助项目(71473025) 教育部人文社科青年基金项目(16YJC790105) 大连理工大学人才引进基金项目(DUT15RC(3)124)
【分类号】：F832;F273.1

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