融资约束与企业创新：基于面板数据模型的实证分析

摘要/Abstract

摘要： 为揭示融资约束对企业创新的深层耦合关系，本文利用2009—2017年中国A股3438个上市公司数据，使用面板模型分析了融资约束对企业创新水平和创新效率的影响，并进一步分析了企业产权性质和内部控制水平对融资约束与企业创新之间关系的影响。结果显示：第一，企业融资约束对企业创新水平具有显著的抑制作用，对企业创新效率具有显著的提升作用；第二，公司产权性质和内部控制水平对融资约束与企业创新之间的关系具有显著影响。在非国有企业中，融资约束对企业创新水平的负向影响更为显著；而在国有企业中，融资约束对企业创新效率的正向效应更加显著；内部控制既能强化融资约束对创新水平的抑制作用，也能增强融资约束对创新效率的提升作用。

关键词: 融资约束, 创新水平, 创新效率, 面板模型, 企业内部控制

Abstract: In order to explore the relationship between financial constraints and firm innovation, this paper employs a threshold panel data model to analyze the effect of financial constraints on firms’ innovation level and efficiency based on A-share listed companies in China. Moreover, this paper analyzes the effect of enterprise property and internal control on the relationship between financing constraints and firm innovation. The empirical results clearly show: (1) financial constraints are significantly negatively related to firms’ innovation level, while positively related to the innovation efficiency; (2) firms’ property and their internal control degree play an important role in the relationship between financial constraints and firms’ innovation level and efficiency. Financing constraints impose more significant negative effects on state-owned enterprises’ innovation level, while more significant positive effects on private enterprises’ innovation efficiency. For state-owned and private enterprises, internal control is able to strengthen both the negative effects of financing constraints on innovation level and the positive effects on innovation efficiency.

Key words: financing constraint, innovation level, innovation efficiency, panel data model, firms' internal control

曾元, 陈小军, 黄安强. 融资约束与企业创新：基于面板数据模型的实证分析[J]. 管理评论, 2024, 36(11): 110-118.

Zeng Yuan, Chen Xiaojun, Huang Anqiang. The Effect of Financial Constraints on Firm Innovation: An Empirical Study Based on the Panel Data Model[J]. Management Review, 2024, 36(11): 110-118.

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