融资约束、技术创新与高新技术企业产出效应-基于省级面板数据的验证

Financing Constraints, Technological Innovation and the Output Effect of Hi-Tech Enterprises—Empirical Analysis on Provincial Panel Data

摘要:

采用2004～2014年我国28个省份高新技术企业数据,将金融因素加入C-D函数,分别从全国及五个不同行业,实证检验资本约束、技术创新对高新技术企业的产出效应。结果表明：总体来看上述因素对我国高新技术企业的产出效应均呈正向相关关系；资本投入的弹性系数达到了0.678；分行业来看,资本和劳动力投入对不同行业产出有很强的促进作用；技术创新和金融因素影响各不相同。由此可知资本投入是影响高新技术企业产出的关键,而流动资金短缺,融资渠道狭窄也成为制约其发展的瓶颈。

Abstract:

From 2004 to 2014,using 28 provinces micro panel data , this paper empirical tests the effect of Financing constraints and technological innovation on the output of hi-tech enterprise. The empirical results states the above factors have a significant impact, relatively speaking, the capital investment elastic coefficient has reached 0.678.From industries, capital and labor input have a strong effect on the output of different industries; technological innovation and financial factors have different effects. This shows that the capital become the key to influence the output, and the liquidity shortage, the narrow financing channels has become the bottleneck.