产融合作政策的创新效应评估——基于规模发展与内涵提升的视角

刘胜¹  罗君愉²  陈秀英³

（1. 广东外语外贸大学粤港澳大湾区研究院  2. 广东外语外贸大学经济贸易学院  3. 广东金融学院经济贸易学院）

 

内容提要：基于信贷配置的视角，本文将国家产融合作试点城市的设立作为一项准自然实验，采用双重差分法、三重差分法等评估国家产融合作政策实施对企业创新的影响。研究发现，产融合作政策实施显著促进了企业创新绩效提升，这一结论在加入遗漏变量、调整被解释变量、采用两期倍差法、控制产业时间趋势等稳健性检验后依然成立。机制检验表明，产融合作政策实施通过增加银行从业人员密度等规模发展方式，以及降低企业融资杠杆、缓解企业融资约束和拓宽企业融资渠道等内涵提升方式来共同促进企业创新绩效提升。异质性检验结果显示，产融合作政策的实施对处于生命周期增长期、高管团队有金融背景的企业样本而言创新激励效应更为突出。在创新型国家建设战略背景下，本文为增强金融合作情境下的微观创新效应提供了新视角，也为新发展阶段下提高金融服务实体经济能力提供了新思路。

 

关键词：产融合作；企业创新；创新绩效；创新质量；规模发展；内涵提升

 

作者简介：刘胜，广东外语外贸大学粤港澳大湾区研究院副教授，广州，510006；罗君愉，广东外语外贸大学经济贸易学院硕士研究生；陈秀英，广东金融学院经济贸易学院副教授，通讯作者，广州，510521。

 

基金项目：国家社会科学基金重大项目“粤港澳大湾区产业融合发展的机制与政策研究”（19ZDA079）

 

引用格式：刘胜,罗君愉,陈秀英.产融合作政策的创新效应评估——基于规模发展与内涵提升的视角[J].经济与管理研究,2022,43(10):53-67.DOI:10.13502/j.cnki.issn1000-7636.2022.10.004.

　　

　　

Evaluation of Impact of Industrial and Financial Cooperation Policies on Enterprise Innovation

—Evidence of Scale Development and Connotation Improvement

LIU Sheng¹, LUO Junyu¹, CHEN Xiuying²
 

(1. Guangdong University of Foreign Studies, Guangzhou 510006;

2. Guangdong University of Finance, Guangzhou 510521)

　　

　　Abstract: From the perspective of credit allocation, this paper takes the establishment of national pilot cities for industrial and financial cooperation as a quasi-natural experiment, to evaluate the impact of industrial and financial cooperation on enterprise innovation by using the DID and DDD methods respectively. It is found that the industrial and financial cooperation policy significantly promotes the quality of enterprise innovation performance. It is still valid after a series of robustness tests, such as adding omitted variables, adjusting explanatory variables, adopting the two-stage DID method, and controlling the industrial time trend. The mechanism test shows that the policy can jointly improve the innovation performance of enterprises through the scale development effect, such as increasing the density of bank employees, as well as the connotation improvement effect, such as reducing the financing leverage of enterprises, alleviating their financing constraints, and broadening their financing channels. The heterogeneity test reveals that implementing the industrial and financial cooperation policy is more prominent for samples with a growing life cycle, and a senior management team with financial background. Under the background of the strategy of building an innovative country, this paper may provide a new perspective for enhancing the micro-innovation impact in the context of in-depth industrial and financial cooperation on enterprise innovation, as well as some evidence for integrating financial services with the real economy in the new stage of development.

 

　　Keywords:  industry and finance cooperation; enterprise innovation; innovation performance; innovation quality; scale development;connotation improvement