创新融资与创新持续：融资约束、营运资本管理与中国二十一世纪初的企业创新潮
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| Title | Innovation Financing and Innovation Smoothing: Financing Constraints
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| 作者 | 鞠晓生 卢荻 |
| Author | Ju Xiaosheng and Dic Lo |
| 作者单位 | 中国人民大学经济学院, 伦敦大学亚非学院、中国人民大学经济学院 |
| Organization | Renmin University of China; London University's School of Oriental and African Studies |
| 作者Email | fuxiao0912@163.com,diclo@soas.ac.uk |
| 中文关键词 | 融资约束 内部融资 营运资本 创新活动 |
| Key Words | Financing constraints; Internal financing; Working capital; Innovation |
| 内容提要 | 本文使用1998-2008年中国非上市公司工业企业数据，分析了融资约束、营运资本管理与企业创新活动之间的关系，从微观视角解释了中国企业自上世纪末持续至今的企业创新潮。按照产权类型，本文将样本企业划分为国有企业、集体企业、民营企业和外商企业，发现四类企业都有很高的创新持续性，但是背后的原因不同。国有企业的创新持续性得益于非融资约束；外商企业受益于弱融资约束和营运资本管理；而民营企业和集体企业受融资约束严重，其创新的平稳持续主要依赖于营运资本的平滑。企业的营运资本管理对平滑中国企业的创新活动有重要贡献，而且企业融资约束越严重，这种平滑作用越突出。 |
| Abstract | This paper uses a panel of Chinese unlisted industrial enterprises over the period 1999-2008 to analyze the relationship between financial constraint, working capital management and enterprise innovation, by which it explains the enterprise innovation boom in China ever since the end of last century from micro perspective. We group the enterprises into four categories by ownership, and find that the innovation in four types of firms increases stably in a high rate but the reasons are different. The continuous innovation of state owned enterprises is sustained by non-financial constraints; that of foreign enterprises benefits from low financial cost, while working capital management also plays a role; the private and collective enterprises which suffer seriously financial constraint and thus rely on internal finance mainly smooth their innovation activities through working capital management. The more serious financing constraints the enterprises face, the more important role the working capital plays. |
| 文章编号 | WP230 |
| 登载时间 | 2012-02-23 |
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