融资约束、资产抵押与企业投资

引入融资约束因素之后,企业资产抵押能力差异会通过"研发投资阻碍效应"、"实物投资诱发效应"等机制扭曲企业投资选择.为了解决中国企业热衷粗放型扩张、忽略研发投资、自主创新能力不足等问题,一方面,从短期看,必须提高商业银行甄别能力,在控制风险的基础上适当增加信用贷款;另一方面,从长期看,要大力发展风险投资、私募股票市场以构建并完善多层次资本市场,为企业创新创造一个良好的金融支持环境.

Financing Restraints,Assets Mortgage and Enterprise Investment

After the introduction of financing restraints,enterprises' assets mortgage capability will distort their investment choices through the "R&D investment hindrance effect" and the "in-kind investment induction effect." In order to solve the problems of China's enterprises being indulged in extensive expansion to the neglect of R&D investment and being incapable of making independent innovation,on the one hand,it is necessary in the short term to increase the commercial banks' awareness of risk and increase credit loans while keeping an eye on risks;and on the other hand,it is necessary in the long term to develop venture investment and private placements market in order to set up a sound capital market and create a favorable financial support environment for innovation in enterprises.