自贸试验区建设、金融供给与企业研发投入

摘要/Abstract

摘要： 将自由贸易试验区建设、金融供给纳入到企业研发投入决策模型中，推演其对企业研发投入的作用效果与路径机制，并运用2012—2020年的地区与上市企业层面的数据进行实证检验。研究发现：自贸试验区建设显著促进了企业研发投入，金融供给对此发挥了正向调节作用；且在以股票和债券为主的直接融资供给调节下，自贸试验区建设对企业研发投入的促进作用更强。机制检验结果显示，自贸试验区建设与金融供给协同推进能通过降低债权融资成本、提升外资企业集聚效应和降低市场竞争程度的方式促进企业研发投入，但不能通过降低股权融资成本和提升内资企业集聚效应促进企业研发投入。

关键词: 自由贸易试验区, 金融供给, 企业研发投入, 调节效应, 中介效应

Abstract: The construction of Pilot Free Trade Zones (FTZ) and financial supply are included in the decision-making model of enterprises’ R&D investment, and their impact and mechanism on enterprises’ R&D investment are deduced. Empirical testing is conducted using regional and listed enterprise data from 2012 to 2020. The study finds that FTZ significantly promotes enterprises’ R&D investment, the financial supply plays a positive role in this, and under the regulation of direct financing supply, which mainly consists of stocks and bonds, the FTZ has a stronger promoting effect on R&D investment. The mechanism test results reveal that a coordinated implementation of FTZ construction and financial supply can promote enterprises’ R&D investment by reducing debt financing costs, enhancing the agglomeration effect of foreign enterprises, and reducing market competition, but cannot by reducing equity financing costs and enhancing the agglomeration effect of domestic enterprises.

Key words: Pilot Free Trade Zone, financial supply, enterprises’ R&D investment, moderating effect, mediating effect

焦永香, 徐芬, 杨宏恩. 自贸试验区建设、金融供给与企业研发投入[J]. 管理评论, 2024, 36(4): 115-129.

Jiao Yongxiang, Xu Fen, Yang Hongen. Pilot Free Trade Zone, Financial Supply and Enterprises’ R&D Investment[J]. Management Review, 2024, 36(4): 115-129.

参考文献

[1] 佟家栋,张千,佟盟. 中国自由贸易试验区的发展、现状与思考[J]. 山东大学学报(哲学社会科学版), 2022,(4):1-13 Tong J. D., Zhang Q., Tong M. China Pilot Free Trade Zone: Development, Current Situation and Reflenction[J]. Journal of Shandong University(Philosophy and Social Sciences), 2022,(4):1-13
[2] 王爱俭,方云龙,于博. 中国自由贸易试验区建设与区域经济增长:传导路径与动力机制比较[J]. 财贸经济, 2020,41(8):127-144 Wang A. J., Fang Y. L., Yu B. China’s Pilot Free Trade Zone Construction and Regional Economic Growth: A Comparison of Transmission Path and Driving Mechanism[J]. Finance & Trade Economics, 2020,41(8):127-144
[3] 康志勇. 金融错配阻碍了中国本土企业创新吗?[J]. 研究与发展管理, 2014,26(5):63-72 Kang Z. Y. Does Financial Misallocation Block Chinese Local Enterprises’ Innovation?[J]. R&D Management, 2014,26(5):63-72
[4] 张洁,唐洁. 资本错配、融资约束与企业研发投入——来自中国高新技术上市公司的经验证据[J]. 科技进步与对策, 2019,36(20):103-111 Zhang J., Tang J. Capital Misallocation, Financing Constraint and R&D Investment of Enterprise—Empirical Evidence from High-tech Listed Companies of China[J]. Science & Technology Progress and Policy, 2019,36(20):103-111
[5] Brown J. R., Martinsson G., Petersen B. C. Do Financing Constraints Matter for R&D[J]. European Economic Review, 2012,56(8):1512-1529
[6] Amore M. D., Schneider C. Credit Supply and Corporate Innovation[J]. Journal of Financial Economics, 2013,109(3):835-855
[7] 张杰,芦哲,郑文平,等. 融资约束、融资渠道与企业R&D投入[J]. 世界经济, 2012,35(10):66-90 Zhang J., Lu Z., Zheng W. P., et al. Financing Constraints, Financing Channels and Corporate R&D Investment[J]. The Journal of World Economy, 2012,35(10):66-90
[8] Acharya V., Xu Z. Financial Dependence and Innovation: The Case of Public versus Private Firms[J]. Journal of Financial Economics, 2017,124(2):223-243
[9] Li H., Chen J., Wan Z., et al. Spatial Evaluation of Knowledge Spillover Benefits in China’s Free Trade Zone Provinces and Cities[J]. Growth and Change, 2020,51(3):1158-1181
[10] 方云龙,刘佳鑫. 自由贸易试验区设立能促进企业创新吗?——来自创业板上市公司的经验证据[J]. 国际金融研究, 2021,(9):25-33 Fang Y. L., Liu J. X. Can the Establishment of Pilot Free Trade Zones Promote Enterprise Innovation?—Empirical Evidence from G-EM Listed Companies[J]. Studies of International Finance, 2021,(9):25-33
[11] 刘培青,夏旖璠. 自由贸易试验区提升地区出口技术复杂度吗?[J]. 首都经济贸易大学学报, 2022,24(3):42-51 Liu P. Q., Xia Y. F. Do the Pilot Free Trade Zones Increase Regional Export Technology Complexity?[J]. Journal of Capital University of Economics and Business, 2022,24(3):42-51
[12] 徐洁香,雷颖飞,邢孝兵. 自由贸易试验区的创新质量效应研究[J]. 国际商务(对外经济贸易大学学报), 2020,(4):17-31 Xu J. X., Lei Y. F., Xing X. B. The Effect of Pilot Free Trade Zone on Innovation Quality[J]. International Business, 2020,(4):17-31
[13] 王亚飞,廖甍,陶文清. 自由贸易试验区设立能矫正资本错配吗?——兼论产业集聚的调节效应[J]. 中国管理科学, 2022,30(9):71-81 Wang Y. F., Liao M., Tao W. Q. Can Pilot Free Trade Areas’ Setup Rectify a Capital Misallocation in China with Moderating Effects of Industrial Agglomeration?[J]. Chinese Journal of Management Science, 2022,30(9):71-81
[14] 曹翔,李慎婷,郭立萍. 自贸试验区与高技术产业研发投入——基于政府和企业投入的分析[J]. 中国科技论坛, 2021,(7):97-106 Cao X., Li S. T., Guo L. P. Effect of Pilot Free Trade Zones on R&D Investment in High-tech Industry—Based on Government and Enterprise Investment[J]. Forum on Science and Technology in China, 2021,(7):97-106
[15] 陈林,罗莉娅. 中国外资准入壁垒的政策效应研究——兼议上海自由贸易区改革的政策红利[J]. 经济研究, 2014,(4):104-115 Chen L., Luo L. Y. Research on the Effect of Entry Barriers to Foreign Investment in China Comments on the Effect of Establishing China (Shanghai) Pilot Free Trade Zone[J]. Economic Research Journal, 2014,(4):104-115
[16] 李蕊,敖译雯,李智轩. 自由贸易区设立对外商直接投资影响的准自然实验研究[J]. 世界经济研究, 2021,(8):91-106 Li R., Ao Y. W., Li Z. X. A Quasi-natural Experiment Research about the Impact of FTZ Establishment on FDI to China[J]. World Economy Studies, 2021,(8):91-106
[17] Connolly R. A., Hirschey M. R. Market Structure and Profits: A Value-based Approach[J]. The Review of Economics and Statistics, 1984,66(4):682-686
[18] Dasgupta P., Stiglitz J. Uncertainty, Industrial Structure, and the Speed of R&D[J]. The Bell Journal of Economics, 1980,11(1):1-28
[19] 何玉润,林慧婷,王茂林. 产品市场竞争、高管激励与企业创新——基于中国上市公司的经验证据[J]. 财贸经济, 2015,(2):125-135 He Y. R., Lin H. T., Wang M. L. Product Market Competition, Executive Incentives and Corporate Innovation—Empirical Evidence from Listed Chinese Companies[J]. Finance & Trade Economics, 2015,(2):125-135
[20] Yao D., Whalley J. The Yuan and Shanghai Pilot Free Trade Zone[J]. Journal of Economic Integration, 2015,30(4):591-615
[21] 屈韬,罗曼,屈焰. 中国自由贸易试验区的外资引致效应及其影响路径研究[J]. 国际经贸探索, 2018,34(9):17-30 Qu T., Luo M., Qu Y. Research on the FDI Induction Effect and Influence Path of China Pilot Free Trade Zone[J]. International Economics and Trade Research, 2018,34(9):17-30
[22] 王雅洁,韩孟亚. 高技术产业集聚与创新绩效的交互影响及空间溢出效应——创新价值链视角下的空间联立方程研究[J]. 科技进步与对策, 2021,38(12):59-68 Wang Y. J., Han M. Y. The Interactionand Spatial Spillover between High-tech Industrial Agglomeration and Innovation Performance: Researchon Spatial Simultaneous Equation Based on Innovation Value Chain[J]. Science & Technology Progress and Policy, 2021,38(12):59-68
[23] 韩瑞栋,薄凡. 自由贸易试验区对资本流动的影响效应研究——基于准自然实验的视角[J]. 国际金融研究, 2019,(7):36-45 Han R. D., Bo F. Research on the Capital Flow Effects of Free Trade Zone: Based on the Quasi-natural Experimental Study[J]. Studies of International Finance， 2019,(7):36-45
[24] 任再萍,黄成,施楠. 上海自贸区金融创新与开放对经济增长贡献研究——基于金融业政策效应视角[J]. 中国软科学, 2020,(9):184-192 Ren Z. P., Huang C., Shi N. Study on the Contribution of Financial Innovation and Opening to Economic Growth in Shanghai FTZ: From the Perspective of Policy Effect of Financial Industry[J]. China Soft Science, 2020,(9):184-192
[25] Melitz M. J. The Impact of Trade on Intra-industry Re-allocations and Aggregate Industry Productivity[J]. Econometrica, 2003,71(6):1695-1725
[26] 黄先海,喻盼,宋学印. 中国自由贸易试验区建设与高级劳动力要素流动——基于自贸区边界内外上市公司数据的微观实证[J]. 暨南学报(哲学社会科学版), 2021,43(6):23-32 Huang X. H., Yu P., Song X. Y. The Construction of China Pilot Free Trade Zone and the Flow of Senior Labor Force—A Micro Empirical Analysis Based on the Data of Listed Companies inside and outside the Border of Free Trade Zone[J]. Jinan Journal(Philosophy & Social Sciences), 2021,43(6):23-32
[27] 孔令文,徐长生,易鸣. 市场竞争程度、需求规模与企业技术创新——基于中国工业企业微观数据的研究[J]. 管理评论, 2022,34(1):118-129 Kong L. W., Xu C. S., Yi M. Market Competition, Market Demand and Firm Innovation: A Rearch Based on Firms’ Micro-data of Manufacturing Industries in China[J]. Management Review, 2022,34(1):118-129
[28] 曹翔,马莉,余升国. 自由贸易试验区的外资吸引效应:来自微观企业的证据[J]. 国际商务, 2021,(5):31-45 Cao X., Ma L., Yu S. G. The Foreign Investment Attraction Effect of Pilot Free Trade Zones—Evidence from Micro Enterprises[J]. International Business, 2021,(5):31-45
[29] Baron R. M., Kenny D. A. The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual Strategic and Statistical Consideration[J]. Journal of Personality and Social Psychology, 1986,51(6):1173-1182
[30] 王春飞,郭云南. 半强制股利政策与股权融资成本[J]. 金融研究, 2021,(8):172-189 Wang C. F., Guo Y. N. Semi-mandatory Dividend Policy and Cost of Equity[J]. Journal of Financial Research, 2021,(8):172-189