摘要
近年来,我国企业普遍受到融资问题困扰,在此背景下如何有效提升企业创新能力以促进经济高质量发展成为社会各界关注的焦点。本文从我国出台《物权法》这一自然实验切入,运用双重差分法考察担保物权制度改革引致的融资约束缓解冲击如何影响企业创新活动。实证结果显示,《物权法》的出台促使固定资产占比较低企业的专利申请数量显著增加;进一步研究表明,对事件冲击前未申请专利企业而言,其创新行为未受到影响,与之形成鲜明对比的是,融资约束缓解冲击推高了《物权法》出台前已申请专利企业的专利数量。而且,三重差分检验结果揭示出,融资约束缓解冲击对企业创新行为的影响在金融市场化程度和法律制度环境维度表现出丰富差异。本文不仅丰富了"法与金融"相关研究,而且有助于厘清融资约束与企业创新行为之间的因果关系和作用机制,从而对进一步有效促进创新和高质量发展具有重要启示意义。
In recent years,Chinese firms have been universally suffered from financing problems.Therefore,how to improve firms’innovation in order to improve high-quality economic development has brought great attention.Based on a natural experiment with the introduction of the Property Law of China,this paper investigates whether the shock of alleviating financing constraints affects firms’innovation activities by using the Difference-in-Differences method.The empirical results show that,after the Property Law was enacted,compared with firms which have high proportion of fixed assets,those with low proportion of fixed assets have a significant increase in the number of patent applications.Further evidence shows that,innovative behaviors of firms that did not apply for a patent before the shock are not affected.In contrast,the ease of financing constraints pushes up the number of patent applications of firms which had applied for patents before the shock.Moreover,the mitigation of financial constraints caused by the legal reform on firms’innovation behavior shows rich differences in the degree of financial marketization and the dimension of legal system environment.This paper not only enriches the related research of"law and finance",but also helps to clarify the causality and mechanism of action between financing constraints and firms’innovative behaviors,which provides important implications on how to effectively promote innovation and high-quality development.
作者
钱雪松
丁滋芳
陈琳琳
Qian Xuesong;Ding Zifang;Chen Linlin(School of Economics,Huazhong University of Science and Technology;Department of Management,Guangzhou Yuexiu Holdings Limited)
出处
《经济科学》
CSSCI
北大核心
2021年第1期96-108,共13页
Economic Science
基金
国家自然科学基金面上项目“担保物权制度改革对企业负债融资的影响及经济后果:基于《物权法》自然实验的‘法与金融’研究”(项目编号:71872067)资助
关键词
融资约束
专利
物权法
双重差分法
financing constraints
patent
property law
Difference in Differences
