摘要
由于信息不对称等原因,银行贷款和企业创新之间的关系存在争议。本文将创新过程分解为技术研发和技术成果转化两个阶段,使用中关村科技企业数据,通过PSM-FE方法研究发现:银行贷款一方面通过缓解融资约束,实现了对技术研发的支持作用,促进了专利授权量的增加;另一方面,商业银行更多地发挥了金融中介职能,通过为企业技术成果转化提供资金支持促进了新产品的销售。进一步的分析表明:在成立年限长、规模大、政策支持力度强、市场范围大的企业中,银行贷款对企业创新的影响效应更大。异质性分析发现:银行贷款对成果转化的促进作用更多表现在高技术行业中。研究结论为通过信贷支持企业创新,并进一步促进经济的高质量发展提供了理论依据和经验。
The relationship between bank loans and enterprise innovation is controversial due to information asymmetry and other reasons.This paper decomposes the innovation process into two stages——technology R&D and technology achievement transformation,and uses the data of Zhongguancun technology enterprises and PSM-FE method.This paper finds that on the one hand,bank loans support for technology research and promote increase in the amount of patents authorization through alleviating financing constraints.On the other hand,commercial banks mainly plays financial intermediary functions and promotes the sales of new products by providing financial support for the transformation of enterprise technological achievements.Further analysis shows that bank loans have a greater impact on enterprise innovation among enterprises with long establishment life,large scale,strong policy support,and large market scope.Heterogeneity analysis found that the promotion effect of bank loans on achievement transformation is more manifested in high-tech industries.The research conclusions provide theoretical experience for supporting enterprise innovation through credit and further promoting high-quality economic development.
作者
崔静静
张晓娜
Cui Jingjing;Zhang Xiaona(School of Economics and Management,Inner Mongolia University of Technology,Hohhot 010051,China)
出处
《金融理论探索》
2022年第2期33-47,共15页
Exploration of Financial Theory
基金
国家自然科学基金青年项目“破解创新悖论——基于微观实证研究解析创新价值的实现机制”(71804077)
内蒙古自治区高等学校青年科技英才支持计划“创新经济”(NJYT-20-B21)。
关键词
银行贷款
企业创新
激励效应
技术研发
技术成果转化
bank loan
enterprise innovation
incentive effect
technology research and development
technology achievement transformation
作者简介
崔静静,女,河南开封人,副教授,博士,研究方向为创新政策评估、中国经济转型与创新型经济、科技金融;通信作者:张晓娜,女,内蒙古赤峰人,研究方向为科技金融。
