| 外部治理环境、产融结合与企业创新能力——基于中国上市公司参股金融机构的实证研究 |
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| 引用本文： | 徐辉,周孝华.外部治理环境、产融结合与企业创新能力——基于中国上市公司参股金融机构的实证研究[J].科研管理,2006,41(1):98-107. |
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| 作者姓名： | 徐辉 周孝华 |
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| 作者单位： | 1.重庆工商大学会计学院，重庆400067；
2.重庆大学经济与工商管理学院，重庆400030 |
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| 摘 要： | 产融结合有利于金融资源优化配置，是企业做大做强、实现跨越式发展的重要途径。本文利用2007-2017年沪深两市非金融类A股上市公司的微观数据，系统考察产融结合对企业创新能力的影响及其作用机理。研究发现，产融结合显著增加专利申请数，尤其是发明专利申请数，但非发明专利申请数并未显著增加，说明产融结合只是促进企业实质性创新，并未刺激企业策略性创新；产融结合对企业创新能力的促进效应在政府干预较多、金融欠发达以及法治水平较高地区更显著。机制研究表明，降低信息不对称和缓解融资约束是产融结合提升创新能力的重要渠道。进一步研究发现，实质性创新才是企业价值的源泉，产融结合提升了企业创新成果的实际转化效率，强化了实质性创新对企业价值的边际贡献。文章结论为合理评估产融结合所引发的微观治理效果提供了新思路，对推动“大众创业、万众创新”政策落地提供了微观经验支撑。
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| 收稿时间： | 2019-01-02 |
A research on the impact of external governance environment and financial-industrial integration on enterprise innovation ability |
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| Xu Hui,Zhou Xiaohua.A research on the impact of external governance environment and financial-industrial integration on enterprise innovation ability[J].Science Research Management,2006,41(1):98-107. |
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| Authors: | Xu Hui Zhou Xiaohua |
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| Abstract: | The financial-industrial integration is conducive to optimizing the allocation of financial resources and is an important way for enterprises to become bigger and stronger and achieve leapfrog development. Based on the perspective of resource dependence theory, this paper uses the micro data of non-financial A-share listed companies in Shanghai and Shenzhen from 2007 to 2017 to empirically analyze the influence mechanism of the combination of the financial-industrial integration on the innovation ability of enterprises. The research shows that the financial-industrial integration only promotes the substantive innovation of enterprises and does not induce enterprises to implement strategic innovation. The promotion effect of the financial-industrial integration on the innovation ability is more obvious in regions with high degree of government intervention, underdeveloped finance and high level of rule of law. The mechanism research shows that reducing information asymmetry and alleviating financing constraints are two important channels. Further research shows that substantive innovation is the source of enterprise value. The financial-industrial integration improves the actual conversion efficiency of enterprise innovation results and strengthens the marginal contribution of substantive innovation to enterprise value. Equity participation in banks, securities and financial companies can enhance the innovation ability of enterprises, and this promotion effect increases with the increase of shareholding ratio, but this phenomenon is not found when the equity participation in trust and insurance companies.The policy implications of this paper are mainly reflected in the following three aspects: Firstly, equity participation in financial institutions is conducive to enterprise innovation activities to break through the bottleneck of financing constraints and promote high-quality substantive innovation behavior. Therefore, the government should break through the monopoly position of the financial industry, moderately relax the barriers to entry of the industry, support the healthy competition among industries, and achieve the goal of balancing the profits among industries and enhancing the motivation of innovation. Secondly, as an alternative mechanism for financial development, the financial-industrial integration is conducive to enhancing the innovation capacity of enterprises. Therefore, for areas with excessive government intervention and underdeveloped finance, we should actively carry out the financial-industrial integration, optimize the external governance environment, and promote the balanced development of the region. Finally, for substantive innovation with high technical content, government departments should increase early support, and refine and identify the difficulty, depth and potential value of innovation behavior; for strategic innovation lacking technical content, we should strictly monitor the flow of government subsidies and identify the innovation achievements in the later stage of subsidies.This paper may contribute in the following aspects:Firstly, it expands the research scope of the financial-industrial integration, and enriches the literature on the implementation effect of the financial-industrial integration. Previous literatures mainly focus on investment efficiency, financing constraints and company performance. Based on the special institutional background of China, this paper divides enterprise innovation into substantive innovation and strategic innovation from the perspective of motivation, and finds that the financial-industrial integration promotes substantive innovation, but does not induce strategic innovation. This discovery not only provides a beneficial supplement to the empirical evidence provided by existing scholars, but also provides a new idea for the rational evaluation of micro-governance effects caused by the financial-industrial integration. Secondly, it expands the research perspective of enterprise innovation and provides new ideas for enhancing enterprise innovation ability. Existing literature mainly studies enterprise innovation from the perspective of macro environment and national policy, such as legal environment, environmental regulation and industrial policy. This paper studies the impact of credit allocation on enterprise innovation ability from the perspective of the financial-industrial integration, which is conducive to deepening the understanding of industry and finance integration policy leading enterprise transformation and upgrading.Thirdly, the research conclusion has certain practical value. The report to the 19th national congress clearly states that innovation is the primary driving force for development and the strategic support for building a modernized economy. This paper finds that the financial-industrial integration improves the actual transformation efficiency of enterprise innovation achievements and enhances the marginal contribution of substantive innovation to enterprise value, which provides a reasonable annotation for the above theoretical viewpoints. |
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