续贷限制与出口企业创新——基于上市公司数据的经验分析

探讨续贷限制对于出口企业的影响,对于全面认识融资约束的微观经济效应具有十分重要的意义。据此,文章立足2007年续贷标准改变这一政策事实,基于中国2000-2015年上市公司数据,就续贷限制对出口企业创新的影响展开了分析。研究结果表明,第一,续贷限制不利于出口企业创新的提升,对企业专利申请总数、发明类专利申请数均产生了显著的负面效应。第二,这种抑制作用对不同企业的影响表现出一定的异质性。续贷标准紧缩对出口企业创新的抑制效应会因出口企业规模、所处行业、生产率水平以及要素密集度不同而有所差异。续贷限制对大规模出口企业、制造业出口企业、高生产率出口企业和劳动密集型出口企业创新的抑制作用更显著。文章的研究拓展了融资约束对于企业出口行为影响的认识。

The Rollover Restrictions and the Innovation of Export Enterprises:Empirical Analysis Based on the Data of Listed Companies

It is of great significance to explore the impact of the rollover restrictions on export enterprises and fully understand the microeconomic effects of financing constraints.Therefore, based on the fact that the rollover standards changed in 2007, this paper uses the data of listed companies in China from 2000 to 2015 to analyze the impact of rollover restrictions on the innovation of export enterprises. The results show that firstly, the rollover restrictions are not conducive to the promotion of export enterprises’ innovation, and have a significant negative effect on the number of the enterprises’ patent applications and invention patent applications. Secondly, this inhibitory effect on different enterprises shows a certain degree of heterogeneity. The inhibitory effects of rollover standards constraint on the innovation of export enterprises will vary with the size, industry, productivity level and factor density of export enterprises. The rollover restrictions exert more significant inhibitory effects on the innovation of large-scale export enterprises, manufacturing export enterprises,high-productivity export enterprises and labor-intensive export enterprises. This study expands the understanding of the impact of financing constraints on the enterprises’ export behaviors.