融资约束与企业创新:基于面板数据模型的实证分析
The Effect of Financial Constraints on Firm Innovation:An Empirical Study Based on the Panel Data Model
曾元 1陈小军 1黄安强2
作者信息
- 1. 中国科学院大学经济与管理学院,北京 100190
- 2. 北京交通大学经济管理学院,北京 100044
- 折叠
摘要
为揭示融资约束对企业创新的深层耦合关系,本文利用 2009-2017 年中国A股 3438 个上市公司数据,使用面板模型分析了融资约束对企业创新水平和创新效率的影响,并进一步分析了企业产权性质和内部控制水平对融资约束与企业创新之间关系的影响.结果显示:第一,企业融资约束对企业创新水平具有显著的抑制作用,对企业创新效率具有显著的提升作用;第二,公司产权性质和内部控制水平对融资约束与企业创新之间的关系具有显著影响.在非国有企业中,融资约束对企业创新水平的负向影响更为显著;而在国有企业中,融资约束对企业创新效率的正向效应更加显著;内部控制既能强化融资约束对创新水平的抑制作用,也能增强融资约束对创新效率的提升作用.
Abstract
In order to explore the relationship between financial constraints and firm innovation,this paper employs a threshold panel da-ta model to analyze the effect of financial constraints on firms'innovation level and efficiency based on A-share listed companies in China.Moreover,this paper analyzes the effect of enterprise property and internal control on the relationship between financing con-straints and firm innovation.The empirical results clearly show:(1)financial constraints are significantly negatively related to firms'in-novation level,while positively related to the innovation efficiency;(2)firms'property and their internal control degree play an impor-tant role in the relationship between financial constraints and firms'innovation level and efficiency.Financing constraints impose more significant negative effects on state-owned enterprises'innovation level,while more significant positive effects on private enterprises'in-novation efficiency.For state-owned and private enterprises,internal control is able to strengthen both the negative effects of financing constraints on innovation level and the positive effects on innovation efficiency.
关键词
融资约束/创新水平/创新效率/面板模型/企业内部控制Key words
financing constraint/innovation level/innovation efficiency/panel data model/firms'internal control引用本文复制引用
出版年
2024
NETL
NSTL
万方数据