不同所有制企业融资成本与技术创新关系研究

摘要

In China, different enterprises has different financing cost, as for relatively cheap capital is mainly owned state⁃owned enterprise. State⁃owned enterprise has lower financing cost as well as lower innovation in comparing with private enterprise. Through the establishment of enterprises of different ownership financing cost model, by using the data of China�s industrial sector 2005⁃2007 years of micro enterprises as samples and build a dynamic panel model, we can find the influence that financing cost has positive proportion to enterprise innovation and enterprise scale has negative proportion. There are different financing costs because of the differ⁃ence of enterprise ownership. At present, the financing system in our country has restrained the innovation activi⁃ties of enterprise. To achieve the goal of nationwide entrepreneurship and all⁃people innovation, we must take some reform action in our enterprise system and mechanism;strengthen the partnership enterprises and financial institutions, change the idea of the traditional investment and financing;and create a fair financing market.%我国不同所有制企业的融资成本存在差异，相对廉价的资本主要进入国有企业。国有企业融资成本低于民营企业，创新产出绩效却低于民营企业。采用2005—2007年我国工业部门的微观企业数据构建动态面板模型，发现融资成本对企业创新绩效产生正向的影响，企业规模与创新绩效呈负相关关系。融资成本存在差异主要是因为企业的所有制不同，目前我国的融资体制总体上抑制了企业的研发创新活动。要实现大众创业、万众创新的目标，要在体制机制上进行配套改革，改善创新的融资环境，加强企业与金融机构的合作关系，改变传统的投融资理念，营造公平的融资市场。