摘要
利用2007—2019年沪深A股非金融上市企业数据及中国银保监会的金融许可证信息,研究了银行业竞争对企业创新投入的影响。结果表明,银行业竞争对企业创新投入具有负效应,且在考虑内生性问题并进行稳健性检验后依然成立。进一步研究发现,银行业竞争对企业创新投入的负向影响在非国有企业、规模较小的企业以及全要素生产率较低的企业中更为显著。机制检验结果表明,银行业竞争通过缓解企业融资约束提高了企业的创新投入水平和金融化水平,而企业金融化对创新投入具有挤出效应,这是银行业竞争抑制企业创新投入的主要原因。
Based on the financial license information published on the website of China Banking and Insurance Regulatory Commission and the annual financial data of the A-share non-financial firms listed in Shanghai and Shenzhen from 2007 to 2019,this paper empirically examined the impact of banking competition on firms’innovation investment.The empirical evidence showed that banking competition had inhibited firms’innovation investment.And the conclusion was still robust after considering endogenous issues.Further research showed that above negative effect was more evident in non-state-owned enterprises,smaller firms and the firms with lower total factor productivity.Mechanism tests showed that,banking competition has improved innovation investment level and financialization level through alleviating the financial constraints of enterprises.Meanwhile,corporate financialization had a crowding-out effect on innovation investment,which was the main reason of this inhibiting effect.
作者
刘惠好
焦文妞
LIU Hui-hao;JIAO Wen-niu(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2021年第10期56-67,共12页
Journal of Shanxi University of Finance and Economics
基金
国家社会科学基金项目(14BJY182)
中南财经政法大学中央高校基本科研业务费(研究生科研创新平台)项目(202110587)
关键词
银行业竞争
研发投入
融资约束
金融资产投资
挤出效应
banking competition
R&D investment
financial constraints
financial asset investment
crowding-out effect
作者简介
刘惠好(1962—),女,湖南衡阳人,中南财经政法大学金融学院教授,经济学博士,主要研究方向是国际金融与金融政策;焦文妞(1994—),女,山西大同人,中南财经政法大学金融学院博士研究生,主要研究方向是公司金融与银行管理。
