货币政策、外部融资依赖与现金持有创新平滑作用——基于信贷歧视和区域金融发展视角

结合宏观货币政策和特殊的制度背景,考察了现金持有对创新投资的平滑作用,研究发现:货币紧缩时期,企业会使用所持有的现金来平滑创新投资,且行业或企业外部融资依赖程度越高,现金持有创新平滑作用越强;现金持有创新平滑作用在国有企业与民营企业之间存在显著差异,但仅在于货币紧缩时期,且行业或企业外部融资依赖程度越高,两者之间的差异越显著。货币紧缩时期,与金融发展水平较高的地区相比,金融发展水平较低的地区使用现金平滑创新投入的动机更强,且金融发展能够有效缓解民营企业所面临的信贷歧视,进而缩小现金持有创新平滑作用在"国民"之间的差距。研究结果为理解转轨经济背景下企业如何保持创新投资持续增长提供了一个新的研究视角,并从宏观货币政策视角为区域金融发展对融资约束及信贷歧视的缓解作用提供了新的经验证据。

Monetary Policy,Dependent on External Financing and Innovation Smoothing Effect of Cash Holding-An Empirical Research based on Credit Discrimination and Financial Development

Combined with the monetary policy and the special system background, examines the smooth effect of cash holdings on innovation investment, found that: at the period tight money, enterprises will use cash to smooth innovation investment, and the higher the external financing dependence of industry or enterprise, the stronger the smooth effect; the smooth effect have significant difference between the government and private enterprises, but this difference exists only in the period of monetary tightening, and the more higher the external financing dependence, the stronger the difference; the smooth effect is more significant in areas with lower levels of financial development; financial development can effectively alleviate the credit discrimination, and then reduce the gap of the smooth effect between in them. This result provides a new research perspective for the understanding how enterprises maintain the sustainable growth of innovation investment in the context of the transition economy, and from the perspective of monetary policy, provide a new evidence for the role of regional financial development ease financing constraints and credit discrimination.