融资多样性对企业技术创新的影响机制研究

多样性融资对创新企业极为重要，但该领域的经验研究相对缺乏。利用世界银行“中国企业调查”数据，从融资渠道多元和融资结构多样两方面构建企业融资分散指标，实证检验融资多样性对中国企业技术创新的影响。结果发现，融资渠道越多、融资结构越分散，企业的技术创新性越强，且在替换变量和控制模型内生性之后，结果仍具较好解释力，说明融资多样性促进了中国企业创新；考察相关机理发现，融资多样性对高融资约束、强创新程度企业的创新影响更明显，证实融资多样性对创新企业存在缓解融资约束和平滑融资周期的作用机制；最后，针对创新企业类型发现，融资分散促进创新在内部融资主导型企业中更突出，支持了企业融资次序假说；就所有制而言发现，民企因其融资结构单一而制约了创新能力。

Financing Decentralization and Firm's Innovation

Decentralized financing is extremely important for innovative enterprises，but there was lack of related empirical study. Using the World Bank survey on China in 2012，this paper constructed the corporate finance dispersion indicators from multiple financing channels and decentralized financing structure，and empirically test the impact on Chinese enterprises' technological innovation by finance decentralization. We find the decentralized financing really promotes Chinese enterprises' innovation，which is highly robust even if we have the other way to measuring the related variables and control the endogenous problem in the mode. Then we analyze the mechanism，we find the decentralized financing plays a bigger positive role for the firms in financial constraint and in higher degree of innovation，which means that decentralized financing can ease innovative firms' financing constraints and smooth tit's financing period. Finally，we find the above results are prominent in internal financing leading enterprises，which supports the hypothesis of priority of internal financing in corporate. Lastly，it was found that the private firms' innovation are restricted due to the lack of decentralized financing structure.