企业创新来源:信贷市场还是股票市场

以1999-2009年中国工业企业非平衡面板数据为研究样本,构建Heckman选择模型,考察信贷市场、股票市场对企业创新的作用机制。结论显示,信贷市场发展具有提高企业创新参与概率、减小企业创新规模的作用;股票市场发展对企业创新参与和创新规模均存在正向作用;信贷市场和股票市场发展对国有企业创新参与的促进作用大于私营企业和集体企业,对国有企业创新规模的作用要小于私营企业和集体企业;信贷市场、股票市场对高技术产业创新参与和创新规模的促进作用均大于一般产业,对高融资依赖型行业创新参与和创新规模的促进作用均大于一般产业和低融资依赖型行业。

Enterprise Innovation Source:the Credit Market or the Stock Market

From 1999 to 2009 using the unbalanced panel data of China industrial enterprises as the research sample, build Heckman selection model to investigate the mechanism of action of the credit market, stock market and the influence factors of enterprise innovation. Study conclusion shows that the credit market development have to improve enterprise innovation in probability, reduce the scale of enterprise innovation double-edged function; Stock market development innovation participation and the scale of the enterprise has positive role; The credit market and stock market innovation of state-owned enterprises to participate in the development of private enterprises and collective enterprises, promoting effect is greater than the size of its innovation is smaller than the effect of private enterprises and collective enterprises; Credit market, stock market innovation in high technology industry and promote innovation scale were greater than the general industrial, dependent on high financing industry innovation participation and size of not less than the general industrial and low financing dependent industries.