| 信贷歧视、债务融资成本与技术创新投资规模 |
| |
| 引用本文： | 王贞洁.信贷歧视、债务融资成本与技术创新投资规模[J].科研管理,2016,37(10):9-17. |
| |
| 作者姓名： | 王贞洁 |
| |
| 作者单位： | 中国海洋大学管理学院，山东 青岛266100 |
| |
| 基金项目： | 国家自然科学基金项目“基于金融生态环境视角的上市公司技术创新投资行为研究”(71302003;2014.01-2016.12)，国家自然科学基金项目“利益相关者视角的营运资金管理研究与中国上市公司营运资金管理数据平台扩充建设”(71372111;2014.01-2017.12)，国家社会科学基金项目“同等保护不同资本产权与促进混合所有制经济健康发展研究”(15BJL021 |
| |
| 摘 要： | 选取了2007-2011年的A股制造业上市公司作为对象,以"信贷歧视"背景下债务融资成本和技术创新投资规模之间的关系为切入点,考察我国的信贷资源配置效率问题。研究结果表明,"信贷歧视"降低了我国信贷资源的配置效率,促使低成本的债务资源流向部分技术创新动力匮乏的国有企业和大企业,而民营上市公司和小规模公司却苦于承担着较高的债务融资成本而缩减技术创新投资规模;而近些年我国金融生态环境的改善和政府对于科技类行业的政策倾斜,强化了信贷市场的便利融资和资源配置功能,在一定程度上提高了信贷资源配置效率,提高了我国企业的技术创新动力。
|
| 关 键 词： | 债务融资成本 融资约束 技术创新投资 信贷资源配置效率 |
| 收稿时间： | 2014-12-15 |
Credit discrimination,cost of debt and technological innovation investment |
| |
| Wang Zhenjie.Credit discrimination,cost of debt and technological innovation investment[J].Science Research Management,2016,37(10):9-17. |
| |
| Authors: | Wang Zhenjie |
| |
| Institution: | College of Management, Ocean University of China, Qingdao 266100, Shandong, China |
| |
| Abstract: | Using a the sample of Chinese A-listed manufacturing companies from 2007 to 2011, this paper investigates whether financial institutions like banks could optimize credit allocation efficiency with their information superiority, easing the financing constraints in the field of technological innovation. It reveals that“credit discrimination”lessens credit allocation efficiency, resulting in valuable financing resources shifting towards some state-owned enterprises (SOEs) lack of technological innovation motivation, which inevitably raising the financing constraints for private listed companies as well as small-scaled companies, consequently diverting technological innovation resources. With improving financial ecological environment and more government policy focusing on technology industry in recent year, the financing facilitations function and capital allocation function of credit market are strengthened, which to some extent, elevates the credit allocation efficiency and relieving the financing constraints of technological innovation. |
| |
| Keywords: | cost of debt financing constraints technology innovation investment credit resource allocation efficiency |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
| 点击此处可从《科研管理》浏览原始摘要信息 |
| 点击此处可从《科研管理》下载免费的PDF全文 |
|
