融资投向差异与企业技术创新效应
文摘
财经
2025-01-10 09:40
上海
融资投向差异与企业技术创新效应
The Difference in Financing Investment and the Effect of Technological Innovation
《财经研究》2024年50卷第11期 页码：65-79 online：2024年11月3日
中：洪联英 , 湛惠雯 , 唐佳敏
英：Hong Lianying, Zhan Huiwen, Tang Jiamin
作者单位：湖南师范大学 商学院，湖南 长沙 410081
摘要：如何畅通金融供给渠道以支持企业技术创新一直备受关注，但鲜有文献对融资后资金的实际投向展开研究。文章利用2009—2022年A股上市企业数据，研究融资投向差异对企业技术创新的影响，研究发现：融资投向差异显著影响了企业技术创新投入，表现为对冲型融资投向促进企业技术创新，投机型融资投向与庞氏型融资投向都会抑制企业技术创新；金融资产挤占效应、流动性资金蓄水池效应和融资投向的财务绩效是融资投向差异影响企业技术创新的机制，这些机制会造成融资投向错配，使得企业技术创新投入不足；企业特征在融资投向差异对企业技术创新投入的作用效应中显示出了异质性，在低生产率、低投资收益率、低信息透明度企业中呈更显著的负向作用；特别要引起重视的是投资收益率高的企业和成长型企业也存在投机型融资投向或庞氏型融资投向。文章的研究很好地解释了融资来源丰裕但技术创新仍然缺资的悖论，为提高企业技术创新资金使用效率、畅通金融供给渠道提供了新的经验证据。
关键词：融资投向；对冲型融资投向；投机型融资投向；庞氏型融资投向；企业技术创新
Summary: The issue of unblocking financial supply channels to support technological innovation has always been a concern. However, existing literature mainly focuses on the question of “whose money enterprises are more inclined to use for innovation” from the perspective of financing sources, with less attention paid to the question of “whether the funds after financing are used for innovation”. Based on the financing classification method of Minsky (1977) and the thought of Schumpeter (1935) on credit expansion and enterprise innovation, this paper uses the data of R&D investment of A-share listed enterprises from 2009 to 2022 to study the difference of investment after financing and its effect on technological innovation from the new perspective of the actual investment of funds after financing. The results show that the difference in financing investment significantly affects investment in technological innovation, as evidenced by the fact that hedging financing investment promotes technological innovation, while both speculative financing investment and Ponzi financing investment inhibit technological innovation. Mechanism testing shows that the financial asset crowding effect, the liquidity fund reservoir effect, and the financial performance effect of financing investment play a mediating role, which makes short-term profit-seeking enterprises or enterprises with insufficient cash flow more willing to choose speculative financing and Ponzi financing, resulting in the mismatch effect of financing investment. Heterogeneity analysis shows that the heterogeneity of enterprise characteristics affects the input effect of the difference in financing investment on technological innovation, which is more negatively significant in enterprises with lower productivity, lower return on investment, and lower information transparency. The marginal contributions of this paper are as following: First, from the new perspective of financing investment, it explores the relationship between the actual investment of funds after financing and the impact of technological innovation, supplementing the research gap. Second, it clarifies the intrinsic relationship between the choice of financing investment mode and the investment in technological innovation, providing a new theoretical basis for unblocking financial supply channels of technological innovation. Third, the empirical findings show that there is a mismatch effect of financing investment among China’s listed enterprises, providing a new policy basis for how to reduce the myopia behavior of enterprises and improve the efficiency of using innovation funds.
Key words: financing investment; hedging financing investment; speculative financing investment; Ponzi financing investment; technological innovation
DOI：10.16538/j.cnki.jfe.20240922.302
收稿日期：2024-04-09
基金项目: 国家社会科学基金一般项目（19BJL120）；湖南省自然科学基金面上项目（2022JJ30402）
