Financial Accumulation,Government Intervention and Enterprise's Innovation Activities——Microeconomic Evidence Based on the Chinese Manufacturing Enterprises

›› 2017, Vol. 33 ›› Issue (8): 104-112.

Financial Accumulation,Government Intervention and Enterprise's Innovation Activities——Microeconomic Evidence Based on the Chinese Manufacturing Enterprises

LIU Haifei¹, HE Xiaoyu²

1.School of Management and Engineering, Nanjing University, Nanjing 210093, China
2.School of Economics,Nanjing University, Nanjing 210093, China

Received:2016-09-23 Online:2017-08-10 Published:2017-08-10

金融集聚、政府干预与企业创新行为——基于中国制造业企业的微观证据

刘海飞¹, 贺晓宇²

1.南京大学工程管理学院,江苏南京 210093
2.南京大学经济学院,江苏南京 210093

作者简介:刘海飞(1980),男,安徽阜阳人,南京大学工程管理学院副教授,博士 ;贺晓宇(1984),男,安徽畔卑人,南京大学经济学院博士生。
基金资助:
国家自然科学基金资助项目(71101068);江苏省自然科学基金面上项目(BK20161398);江苏省金融工程重点实验室开放课题资助项目(NSK2015

Abstract

Abstract: Based on finance accumulation, this paper analyzes the principle and mechanism about how finance accumulation affects enterprise's innovation and uses government intervention for further research. Through an empirical study on the hypothesis that finance accumulation and government intervention affect enterprise's innovation activities, we find a positive correlation between finance accumulation and enterprises' R&D input. But the intervention of the local government in financial resources, especially in the credit channel, will have a negative impact on promoting enterprises' innovation by finance accumulation.

Key words: Finance Accumulation, Government Intervention, Enterprise's Innovation Activities

摘要： 从金融集聚的机制出发,本文分析金融集聚影响企业创新的原理和机制,将政府干预作为调节变量做了进一步研究,提出金融集聚、政府干预影响企业创新行为的假说并予以实证检验。研究结果表明,金融集聚和企业研发投入之间有着较为显著的正相关性,但地方政府对金融资源尤其是信贷渠道的干预却削弱了金融集聚对企业创新的促进作用。

关键词: 金融集聚, 政府干预, 企业创新

CLC Number:

F830.3

LIU Haifei, HE Xiaoyu. Financial Accumulation,Government Intervention and Enterprise's Innovation Activities——Microeconomic Evidence Based on the Chinese Manufacturing Enterprises[J]. , 2017, 33(8): 104-112.

刘海飞, 贺晓宇. 金融集聚、政府干预与企业创新行为——基于中国制造业企业的微观证据[J]. 财经论丛, 2017, 33(8): 104-112.

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