The Way to Ease the Financing Constraints of Firm's Innovation:Government or Market?
Technological innovation is an inherent requirement for transforming economic development mode and achieving sustainable growth,and stimulating micro enterprises'R&D motivation is a basic premise and impor-tant guarantee for the smooth implementation of innovation-driven strategy.Generally speaking,the funds required by enterprises for technological innovation come from both internal and external sources of financing.Since R&D activities require a large amount of initial investment,when internal sources of financing can hardly guarantee the supply of R&D funds,they need to rely on external sources of financing to make up for the shortage of funds.However,R&D activities are characterized by high risks and long cycles,and in the case of informa-tion asymmetry,external fund providers are unwilling to take risks,causing the problem of financing constraints for R&D activities.In 2019,China's social research and experimental development(R&D)spending was as high as 2,214.36 billion yuan,accounting for2.23%of GNP,but the R&D intensity of large and medium-sized enterprises was only 1.32%,which was a large gap with industrial enterprises in developed countries.As the main body of technological innovation,the lack of capital has become the main obstacle that restricts the improvement of enterprises'technological innovation capacity,and how to alleviate the financing constraints of enterprises'R&D activities has become one of the core problems that need to be solved for innovation-driven development.In order to promote enterprises'R&D investment to reach a socially better level,government departments will formulate incentive policies to supplement enterprises'R&D funds in order to avoid"market failure",which is an important supplement to market financing in view of the positive externalities of technologi-cal innovation behavior.So,does external financing alleviate the financing constraint of Chinese enterprises'R&D activities?How effective are the market and governmental approaches in alleviating the financing constraint in practice?This paper will discuss the above questions in detail.To address the above issues,this paper discusses the intrinsic mechanisms and channels through which financial markets and government public policies alleviate firms'innovation financing constraints at the theoreti-cal and empirical levels,respectively,using micro data of Chinese manufacturing listed firms from 2010-2019 as the sample.The marginal contributions of this paper are as follows:First,this paper examines the ways to alleviate innovation financing constraints using the modified Euler equation,which not only confirms the exist-ence of financing constraints but also tests the impact mechanisms of different channels,making up for the exist-ing literature's neglect of the intrinsic mechanism of action.Second,in response to the reality that most enterpri-ses have poor financing channels,the differential implementation effects of different market and government financing channels are empirically tested.And third,the differential effects of alleviating enterprises'innovation financing constraints under different circumstances are compared and analyzed in three dimensional groupings of ownership nature,marketization level and industry technology intensity to ensure the robustness and reliability of the research findings.The results of this study show that:There is a general financing constraint in the innovation activities of listed manufacturing companies,equity financing in the market can alleviate the problem with capital shortage,but bank loans and bond financing do not play a corresponding role,or direct financial subsidies in the govern-mental route do not solve the shortage of funds,and the effect of tax incentives in the form of ex post refund is very significant.From the perspective of different ownership systems,state-owned enterprises have more adequate financing channels,while private enterprises still face more serious financial discrimination,and only tax incentives can play an incentive effect.Regional grouping shows that enterprises in advanced market-oriented regions have richer financing channels,while enterprises in lagging regions have difficulty with obtaining the funds needed for R&D investment through market channels,but public policies do not play the function of"sending charcoal in snow".The empirical results of different technology-intensive industries show that high-tech enterprises are supported by both the financial market and government,while low-tech enterprises face serious financing difficulties with their R&D investments.
万方数据
维普
