信贷腐败、融资约束与企业创新：来自中国企业的经验证据
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| Title | Credit Corruption, Financing Constraint and Corporate Innovation：Evidence from Firms in China
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| 作者 | 张璇 李春涛 汪婷 |
| Author | Zhang Xuan,Li Chuntao and Wang Ting |
| 作者单位 | 中南财经政法大学 |
| Organization | Zhongnan University of Economics and Law |
| 作者Email | zhangx_amy858@163.com |
| 中文关键词 | 信贷腐败，融资约束，企业创新 |
| Key Words | credit corruption；financing constraints；corporate innovation |
| 内容提要 | 信贷腐败扭曲了金融市场的资本配置，其通过融资约束会严重制约企业创新行为。本文基于2005年世界银行中国企业微观调查数据，考察在经济转型过程中信贷腐败和融资约束对企业研发决策和研发投入强度的影响。结果发现：企业的信贷腐败行为和融资约束都显著地抑制企业创新；对有信贷腐败行为的企业而言，融资约束对企业创新的抑制作用更强。此外，本文按照企业规模、所有制结构和资本要素密集度划分企业，对子样本进行进一步分析，发现信贷腐败强化融资约束对企业创新的抑制作用在中小企业、民营企业和资本密集型企业表现得尤为突出。在考虑了信贷腐败和融资约束的内生性问题后，以上结论仍然成立。因此，加强制度建设、杜绝信贷腐败是解决企业创新融资难题的关键。 |
| Abstract | Credit corruption distorts the allocation of capital in financial markets, which would seriously affects the financial constraints through innovation behavior. Based on the Business Environment and Enterprise Performance Survey (BEEPS) of Chinese enterprises by World Bank in 2005，this research studies the effect of credit corruption and financial constraints on R & D investment decisions and strength in Chinese transit economy. The results shows that credit corruption and financial constraints significantly inhibit innovation; If companies have corruption action when obtaining credits, their financial constraints inhibition of innovation is more prominent. In addition, the sample is divided according to size, ownership structure and capital factor intensity of enterprises and the further research finds that credit constraints on corruption, strengthen financial innovation inhibition in the small and medium private enterprises and capital-intensive enterprises was particularly prominent. After taking into account endogeneity of credit corruption and financial constraints, the above conclusion still holds. Therefore, strengthen the system to prevent corruption credit is the key to solve the financing problems of innovation. |
| 文章编号 | WP966 |
| 登载时间 | 2015-11-24 |
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