融资约束和FDI影响企业创新的双边效应研究
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清华大学

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Research on the bilateral effects of financing constraints and FDI on Enterprise Innovation
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    摘要:

    本文使用双边随机前沿模型,将融资约束和FDI纳入统一框架,分析融资约束和FDI对企业创新的正负影响,进一步比较融资约束和FDI影响企业创新效应的大小,以期为缓解融资约束,促进企业创新提供证据。结论如下:双边估计结果发现,融资约束降低了企业创新,而FDI通过缓解企业融资约束促进了企业创新;比较两者效应发现,FDI缓解融资约束促进创新的作用大于融资约束抑制创新的作用;整体而言,FDI的正作用大于融资约束的负作用,利于企业创新。金融发展和对外开放的异质性分析发现,金融发展水平越高,对外开放水平越高,融资约束的负作用越小,FDI的正作用越大,促进企业创新的作用越强。

    Abstract:

    This paper uses the bilateral stochastic frontier model to integrate financing constraints and FDI into a unified framework, analyzes the positive and negative effects of financing constraints and FDI on enterprise innovation, and further compares the effects of financing constraints and FDI on enterprise innovation, in order to provide evidence for easing financing constraints and promoting enterprise innovation. The conclusions are as follows: the results of bilateral estimation show that financing constraints reduce enterprise innovation, while FDI promotes enterprise innovation by alleviating enterprise financing constraints; comparing the two effects, we find that the role of FDI in alleviating financing constraints is greater than that of financing constraints in inhibiting innovation; on the whole, the positive role of FDI is greater than the negative role of financing constraints, which is conducive to enterprise innovation. The heterogeneity analysis of financial development and opening to the outside world shows that the higher the level of financial development, the higher the level of opening to the outside world, the less the negative effect of financing constraints, the greater the positive effect of FDI, and the stronger the role of promoting enterprise innovation.

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包顿.融资约束和FDI影响企业创新的双边效应研究[J].,2020,(18).

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  • 收稿日期:2019-11-28
  • 最后修改日期:2020-09-01
  • 录用日期:2020-01-02
  • 在线发布日期: 2020-10-19
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