摘要: |
针对融资约束背景下高新技术企业认定内部激励机制的不足,本文手工整理政府对高新技术企业的资质认定数据,以2008—2018年A股上市公司为样本,采用倾向得分匹配法(PSM)考察高新认定的外部融资激励机制在缓解高新企业融资约束并促进其创新发展的可行性和有效性。研究表明:融资约束情景下,高新资质认定的外部融资激励机制对企业创新绩效及经营业绩具有额外激励效应;企业面临的融资约束越大,激励效果越显著。进一步研究发现,高新认定的外部融资激励效应在金融市场化程度较高的地区、非国有企业以及中小企业样本中表现更为显著。研究结论扩展了融资约束相关理论研究的边界,深化了选择性产业政策影响产业发展的作用机制的理解,对政府合理论证各项政策的影响力具有一定的参考价值。 |
关键词: 高新技术企业认定 外部融资激励机制 PSM匹配 额外激励效应 企业绩效 |
DOI:10.13581/j.cnki.rdm.20190718 |
分类号:F270 |
基金项目:国家社会科学基金项目“马克思主义经济学视角下金融资本异化研究”(18BJL019);河南省教育厅人文社会科学研究一般项目“高新技术企业认定、创新激励与资源错置:微观证据”(2019-ZZJH-345);河南省软科学项目“河南省科技型小微企业创新绩效提升路径与优化策略研究”(192400410140)。 |
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Identification of High-Tech Enterprise, External Financing Incentive, and Enterprise PerformanceAn Empirical Study Based on PSM Method |
ZHENG Yu
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School of Economics and Management, Zhengzhou University of Light Industry, Zhengzhou 450002, China
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Abstract: |
Against the deficiency of the sole internal incentive mechanism of indentification of high-tech enterprise under the background of financing constraints, it manually collated the data of government's qualification of high-tech enterprises, and took A-share listed companies between 2008-2018 as the sample, and used the propensity score matching method (PSM) to investigate the feasibility and effectiveness of the external financing incentive mechanism of indentification of high-tech enterprises in alleviating financing constraints and promoting their innovative development. The result shows that under the financing constraint scenario, the external financing incentive mechanism of high-tech qualification recognition has additional incentive effect on innovation performance and operating performance of enterprises; and the greater the financing constraints faced by enterprises, the more significant the incentive effect is. The further analysis finds that the external financing incentive effect of identification of high-tech enterprises is more significant in regions with higher degree of financial marketization, the samples of non-state-owned enterprises and small and medium-sized enterprises. The conclusion expands the theoretical research boundary of financing constraints, deepens understanding of the mechanism of selective industrial policies affecting industrial development, and has certain reference value for the government to demonstrate the influence of various policies rationally. |
Key words: indentification of high-tech enterprise external financing incentive mechanism PSM matching additional incentive effect enterprise performance |