科研管理

科研管理 ›› 2016, Vol. 37 ›› Issue (10): 9-17.

• 论文 • 上一篇    下一篇

信贷歧视、债务融资成本与技术创新投资规模

王贞洁   

  1. 中国海洋大学管理学院，山东 青岛266100
  • 收稿日期:2014-12-15 修回日期:2016-03-31 出版日期:2016-10-20 发布日期:2016-10-17
  • 通讯作者: 王贞洁
  • 基金资助:

    基于金融生态环境视角的上市公司技术创新投资行为研究;利益相关者集体选择视角的企业价值管理研究;利益相关者视角的营运资金管理研究与上市公司营运资金管理数据平台扩充建设

Credit Discrimination, the Cost of Debt and Technological Innovation Investment—An Empirical Study of Credit Allocation Efficiency

Wang Zhenjie   

  1. College of Management, Ocean University of China, Qingdao 266100, Shandong, China
  • Received:2014-12-15 Revised:2016-03-31 Online:2016-10-20 Published:2016-10-17

摘要： 以2007-2011年的A股制造业上市公司作为对象，考察银行等金融机构能否凭借其信息优势优化信贷资源配置效率、降低技术创新领域的融资约束。研究发现：“金融歧视”降低了信贷资金的配置效率，促使廉价的信贷资源流向部分技术创新动力不足的国有企业，这提高了民营上市公司和小规模公司在技术创新领域的融资约束。第二，近些年我国金融生态环境的改善和政府对于科技类行业的政策倾斜，强化了信贷市场的便利融资和资源配置功能，在一定程度上提高了信贷资源的配置效率，缓解了技术创新领域的融资约束。

关键词: 债务融资成本, 融资约束, 技术创新投资, 信贷资源配置效率

Abstract: Using a the sample of Chinese A-listed manufacturing companies from 2007 to 2011, this paper investigates whether financial institutions like banks could optimize credit allocation efficiency with their information superiority, easing the financing constraints in the field of technological innovation. It reveals that“credit discrimination”lessens credit allocation efficiency, resulting in valuable financing resources shifting towards some state-owned enterprises (SOEs) lack of technological innovation motivation, which inevitably raising the financing constraints for private listed companies as well as small-scaled companies, consequently diverting technological innovation resources. With improving financial ecological environment and more government policy focusing on technology industry in recent year, the financing facilitations function and capital allocation function of credit market are strengthened, which to some extent, elevates the credit allocation efficiency and relieving the financing constraints of technological innovation.

Key words: cost of debt, financing constraints, technology innovation investment, credit resource allocation efficiency