徐輝1,周孝華2
(1.重慶工商大學會計學院,重慶400067;
2.重慶大學經濟與工商管理學院,重慶400030)
摘要:產融結合有利於金融資源優化配置,是企業做大做強、實現跨越式發展的重要途徑。基於資源依賴理論視角,實證分析了產融結合對企業創新能力的影響機理。研究發現,產融結合促進企業實質性創新,而並未刺激企業策略性創新;這一現象在政府干預較多、金融欠發達以及法治水平較高地區更明顯;降低信息不對稱和緩解融資約束是產融結合提升創新能力的重要渠道。進一步發現,實質性創新才是企業創造價值的源泉,產融結合提升了創新成果的實際轉化效率,強化了實質性創新對企業價值的邊際貢獻;參股銀行、證券和財務公司可提升創新能力,且這一促進作用隨持股比例增加而增強,但參股信託和保險公司未發現這一現象。
關鍵詞:外部治理環境;產融結合;實質性創新;策略性創新
主要研究結論:立足於中國制度環境,利用2007-2017年滬深兩市非金融類A股上市公司的數據,系統考察產融結合對企業創新行為的引導效果。結果發現:第一,產融結合有利於推動企業實質性創新,而且並未誘使企業實施策略性創新。第二,政府干預越多,產融結合對創新能力的促進作用越明顯;法治水平的提高可以強化產融結合對創新能力的促進作用;作為金融發展的替代機制,產融結合對企業創新能力的促進作用在金融欠發達地區更顯著。第三,降低信息不對稱和緩解融資約束是產融結合提升創新能力的兩個重要渠道。第四,產融結合提升了企業創新成果的實際轉化效率,增強了實質性創新對企業價值的邊際貢獻;參股銀行、證券和財務公司可提升創新能力,且這一促進作用隨持股比例的增加而增強,但參股信託和保險公司未發現這一現象。
A research on the impact of external governance environment and financial-industrial integration on enterprise innovation ability
Xu Hui1, Zhou Xiaohua2
(1. School of Accounting, Chongqing Technology and Business University, Chongqing 400067,China;
2. School of Economics and Business Administration, Chongqing University, Chongqing 400030, China)
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.
Keywords:external governance environment; financial-industrial integration; substantive innovation; strategic innovation
引用本文:徐輝,周孝華.外部治理環境、產融結合與企業創新能力[J].科研管理,2020,41(01):98-107.
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