生命周期视角下融资渠道影响企业创新的激励效应及作用机制

摘要:

不同生命周期下企业具有差异化的创新强度、创新需求和融资约束，融资政策效应和作用机制可能也有所差异。为进一步深入了解融资渠道对企业创新的影响、企业生命周期对此的调节作用，从企业生命周期视角以及非线性效应角度，根据2008－2022年中国上市公司的数据，通过增加融资约束、减少研发投入、减少资本投入等方式考察内外部多种融资渠道对企业创新的影响，为金融资本精准化配置提供理论和实证依据。结果发现：政府补贴、税收优惠、自有资金和股权融资等融资渠道对企业创新具有明显的促进作用，但随着时间推移，这些融资渠道的激励效应逐渐减弱，而银行贷款却会阻碍企业的创新；生命周期对企业创新影响具有调节作用，不同的融资渠道对企业创新的影响因企业生命周期的不同阶段而异，激励作用的整体绩效会随着企业生命周期的推进而减弱，其中对非国有企业的创新影响比国有企业更显著；各融资渠道对企业创新的影响呈“U”型或倒“U”型关系，其中政府补贴的倒“U”型拐点为3.3%，税收优惠的倒“U”型拐点为4.0%，银行贷款的“U”型拐点为48.1%，主要融资渠道与企业创新之间存在非线性关系，当前融资渠道位于拐点左侧，说明各融资渠道的影响范围较为适中。最后根据研究发现，对进一步激发融资渠道创新激励效应提出对策建议。

Abstract:

Under different life cycles, enterprises have different innovation intensity, innovation demand and financing constraints, and the effect and mechanism of financing policies may also be different. In order to further understand the impact of financing channels on enterprise innovation and the regulatory role of enterprise life cycle, from the perspective of enterprise life cycle and nonlinear effect, based on the data of listed companies in China from 2008 to 2022, By increasing financing constraints, reducing R&D investment, and reducing capital investment, the influences of various internal and external financing channels on enterprise innovation are investigated to provide theoretical and empirical basis for the precise allocation of financial capital. The results show that the financing channels such as government subsidies, tax incentives, private funds and equity financing have obvious promotion effects on enterprise innovation, but with the passage of time, the incentive effect of these financing channels is gradually weakened, while bank loans will hinder the innovation of enterprises. The influence of different financing channels on enterprise innovation varies according to different stages of enterprise life cycle. The overall performance of incentive effect will weaken with the advance of enterprise life cycle, and the impact on innovation of non-state-owned enterprises is more significant than that of state-owned enterprises. The influence of financing channels on enterprise innovation presents a U-shaped or inverted U-shaped relationship, in which the inverted U-shaped inflection point of government subsidies is 3.3%, the inverted U-shaped inflection point of tax incentives is 4.0%, and the U-shaped inflection point of bank loans is 48.1%. There is a nonlinear relationship between main financing channels and enterprise innovation, and the current financing channel is on the left side of the inflection point. It shows that the influence range of each financing channel is moderate. Finally, according to the research findings, the paper puts forward countermeasures and suggestions to further stimulate the incentive effect of financing channel innovation.