[1]叶卫红,宋 洁,喻家驹.利率市场化、信贷资源配置与企业技术创新——基于上证A股企业的实证分析[J].江西师范大学学报(自然科学版),2019,(06):620-629.[doi:10.16357/j.cnki.issn1000-5862.2019.06.11]
　YE Weihong,SONG Jie,YU Jiaju.The Marketization of Interest Rate,Allocation of Credit Resources and Technological Innovation of Enterprises——An Empirical Study of Enterprises Based on Shanghai Stock Market[J].Journal of Jiangxi Normal University:Natural Science Edition,2019,(06):620-629.[doi:10.16357/j.cnki.issn1000-5862.2019.06.11]
点击复制

利率市场化、信贷资源配置与企业技术创新——基于上证A股企业的实证分析()
分享到：

《江西师范大学学报》（自然科学版）[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2019年06期
页码:
620-629
栏目:
数学与应用数学
出版日期:
2019-12-10

文章信息/Info

Title:
The Marketization of Interest Rate,Allocation of Credit Resources and Technological Innovation of Enterprises——An Empirical Study of Enterprises Based on Shanghai Stock Market
文章编号:
1000-5862(2019)06-0620-10
作者:
叶卫红1; 宋 洁2; 喻家驹2
1.江门职业技术学院教育与教育技术系,广东 江门 529000; 2.江西财经大学统计学院,江西 南昌 330013
Author(s):
YE Weihong1; SONG Jie2; YU Jiaju2
1.Department of Education and Educational Technology,Jiangmen Vocational and Technical College,Jiangmen Guangdong 529000,China; 2.School of Statistics,Jiangxi University of Finance and Economics,Nanchang Jiangxi 330013,China
关键词:
利率市场化;  技术创新;  信贷资源
Keywords:
interest rate marketization;  technological innovation;  credit resources
分类号:
F 832.4; F 224.0
DOI:
10.16357/j.cnki.issn1000-5862.2019.06.11
文献标志码:
A
摘要:
管制利率限制了信贷业务自主定价过程,导致信贷资源在企业技术创新投资和固定资产投资活动之间的错配.研究利率市场化对企业技术创新信贷资源约束的影响对我国经济由要素驱动向创新驱动转型的进程具有重要意义.该文采用系统GMM估计方法,通过2013—2016年A股非银行类上市公司样本数据研究利率市场化对企业技术创新信贷资源约束及固定资产信贷资源约束的影响; 并在不同企业属性及行业特征企业之间对这种影响进行差异化分析.研究发现:利率市场化有利于缓解企业技术创新信贷资源约束,但对固定资产信贷资源约束无显著影响; 利率市场化有利于优化信贷资源在不同企业产权属性及行业特征的企业之间的配置,主要表现为缓解了民营企业和高科技行业企业的信贷资源约束.
Abstract:
Regulated interest rate limits the independent pricing process of credit business,leading to the mismatch of credit resources between technological innovation investment and fixed asset investment.It is of great significance to study the influence of interest rate marketization on the constraint of technological innovation credit resources for the transformation of China's economy from factor driven to innovation driven.In this paper,the systematic GMM estimation method is used to analyze the impact of interest rate marketization on the credit resource constraints of technological innovation and fixed asset credit resource constraints of A-share non-bank-listed companies in 2013—2016,and the difference between enterprises with different enterprise attributes and industry characteristics is analyzed.The results show that interest rate marketization is conducive to easing the credit resource constraints of technological innovation of enterprises,but has no significant impact on the credit resource constraints of fixed assets,and interest rate marketization is conducive to optimizing the allocation of credit resources among enterprises with different property rights and different industries,mainly in relieving the credit resource constraints of private enterprises and high-tech industry enterprises.

参考文献/References:

[1] Chowdhury,Maung.Financial market development and the effectiveness of R&D investment:evidence from developed and emerging countries[J].Research in International Business and Finance,2012,26(2):258-272.
[2] 连立帅,陈超,白俊.产业政策与信贷资源配置[J].经济管理,2015,37(12):1-11.
[3] Liodakis G.Finance and intellectual property rights as the two pillars of capitalism changes[C]∥Laperche B,Uzunidis D.Powerful finance and innovation trends in a high-risk economy.Hampshire:Palgrave Macmillan,2008:110-127.
[4] Xiao Sheng,Zhao Shan.Financial development,government ownership of banks and firm innovation[J].Journal of International Money and Finance,2012,31(4):880-906.
[5] 李后建,张宗益.金融发展、知识产权保护与技术创新效率:金融市场化的作用[J].科研管理,2014,35(12):160-167.
[6] 孙立梅,高硕.我国金融发展对技术创新效率作用的实证[J].统计与决策,2015(8):110-113.
[7] 何丹,燕鑫.金融支持科技创新效率实证分析[J].统计与决策,2017(10):166-168.
[8] 王东静,张样建.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,2007,30(2):50-59.
[9] 易纲.中国改革开放三十年的利率市场化进程[J].金融研究,2009(1):1-14.
[10] 郭路,刘霞辉,孙瑾.中国货币政策和利率市场化研究:区分经济结构的均衡分析[J].经济研究,2015,50(3):18-31.
[11] Ghosh S.Did financial liberalization ease financing constrains?Evidence from Indian firm-level data[J].Emerging Markets Review,2006,7(2):176-190.
[12] 张宗益,吴恒宇,吴俊.商业银行价格竞争与风险行为关系:基于贷款利率市场化的经验研究[J].金融研究,2012(7):1-14.
[13] 黎齐.货币政策、利率市场化与信贷资源错配:基于非平等市场地位的信贷市场资金供给平衡模型[J].金融经济学研究,2016(2):3-13.
[14] 刘莉亚,余晶晶,等.竞争之于银行信贷结构调整是双刃剑吗?:中国利率市场化进程的微观证据[J].经济研究,2017(5):131-145.
[15] 祝树金,赵玉龙,肖皓.利率市场化、信贷歧视与中国经济发展:基于动态一般均衡模型的分析[J].财经理论与实践,2018,39(2):2-8.
[16] 蔡雯霞,邱悦爽.利率市场化下企业全要素生产率研究:基于信贷资源配置的视角[J].江苏社会科学,2018(4):67-76.
[17] Maghyereh A.The effect of financial liberalization on the efficiency of financial institutions:the case of Jordanian commercial banks[J].Savings and Development,2004,28(3):235-270.
[18] Tsai K S.Financing small and medium enterprises in China:recent trends and prospects beyond shadow banking[R].HKUST Institute for Emerging Market Studies,2015.
[19] Abiad A,Oomes,Ueda K.The quality effect:does financial liberalization improve the allocation of capital?[J].Journal of Development Economics,2008,87(2):270-282.
[20] 叶振宇,叶素云.要素价格与中国制造业技术效率[J].中国工业经济,2010(11):47-57.
[21] Amore M D,Schneider C,Zaldokas A.Credit supply and corporate innovation[J].Journal of Financial Economics,2013,109(3):835-855.
[22] Cornaggia J,Mao Yifei,Tian Xuan.Does banking competition affect innovation?[J].Journal of Financial Economics,2015,115(1):189-209.
[23] Laeven L.Does financial liberalization reduce financing constraints?[J].Financial Management,2003,32(1):5-34.
[24] Hall B H.The financing of research and development[J].Oxford Review of Economic Policy,2002,18(1):35-51.
[25] 唐清泉,徐欣.企业R&D投资与内部资金:来自中国上市公司的研究[J].中国会计评论,2010,8(3):341-362.
[26] 江伟,李斌.制度环境、国有产权与银行差别贷款[J].金融研究,2006(11):116-126.
[27] Baysinger B D,Kosnik R D,Turk T A.Effects of board and ownership structure on corporate R&D strategy[J].The Academy of Management Journal,1991,34(1):205-214.
[28] Berrone P,Surroca J,Tribó J A.Corporate ethical identity as a determinant of firm performance:a test of the mediating role of stakeholder satisfaction[J].Journal of Business Ethics,2007,76(1):35-53.
[29] Kochhar R,David P.Institutional investment and firm innovation:a test of competing hypothesis[J].Strategic Management Journal,1996,17(1):73-84.
[30] 唐清泉,巫岑.银行业结构与企业创新活动的融资约束[J].金融研究,2015(7):116-134.
[31] Koo J,Maeng K.The effect of financial liberalization on firms' investment in Korea[J].Journal of Asian Economics,2005,16(2):281-297.
[32] Guermazi A.Financial liberalization,credit constraints and collateral:the case of manufacturing industry in Tunisia[J].Procedia Economics and Finance,2014,13:82-100.
[33] 钱爱民,付东.供给侧改革、金融关联与企业产能过剩[J].吉林大学社会科学学报,2017,57(3):17-30.

相似文献/References:

[1]陶长琪,琚泽霞.金融发展、环境规制与技术创新关系的实证分析——基于面板门槛回归模型[J].江西师范大学学报(自然科学版),2015,(01):27.
　TAO Changqi,JU Zexia.The Empirical Study on Financial Development, Environmental Regulation and Technological Innovation ——Based on Panel Threshold Regression Model[J].Journal of Jiangxi Normal University:Natural Science Edition,2015,(06):27.
[2]徐 茉,陶长琪.最优化视角下环境规制对技术创新的影响效应研究——基于中国制造业29个行业面板数据的实证分析[J].江西师范大学学报(自然科学版),2016,40(05):525.
　XU Mo,TAO Changqi.The Effect of Environmental Regulation on Technological Innovation from the Optimization Perspective——Empirical Study Based on 29 Sub-Section of China’s Manufacturing Industry[J].Journal of Jiangxi Normal University:Natural Science Edition,2016,40(06):525.

备注/Memo

备注/Memo:
收稿日期:2019-06-27
基金项目:国家自然科学基金(71773041,71973055),国家社会科学基金(18BJY001)和江西省自然科学基金(20181ACB29001,20181BAA208044)资助项目.
作者简介:叶卫红(1966-),女,江西南康人,副教授,主要从事经济数学研究.E-mail:hongyezi88@163.com
更新日期/Last Update: 2019-12-10