| 460 | 10 | 285 |
| 下载次数 | 被引频次 | 阅读次数 |
鉴于"新基建"和"降成本"的现实背景,选取2000—2018年中国31个省级数据实证分析区域网络通达、金融发展与企业融资费用的影响关系。研究发现,区域交通网络通达与金融发展呈正相关,通信网络通达与金融发展呈负相关且通信网络硬件建设与金融发展存在倒U型关系,区域金融发展与企业融资费用呈负相关。在金融发展约束下,区域交通网络通达与企业融资费用呈负相关,通信网络通达对企业融资费用影响具有长短期不一致性,通信网络硬件建设短期内对企业融资具有挤出效应,通信网络软性使用长期对企业融资具有间接竞争加剧效应。网络通达下技术创新与企业融资费用呈负相关且存在倒U型关系。各地区推进新型基础建设投资和降成本中需注意"挤出效应"和"拐点效应"的长短期影响。
Abstract：In view of the reality of "new infrastructure" and "cost reduction", this paper selects 31 provincial data of China from 2000 to 2018 to empirically analyze the impact of regional network access, financial development and corporate financing costs. The results show that: first, there is a positive correlation between the accessibility of regional transportation networks and financial development, but a negative correlation between the accessibility of communication networks with financial development, i.e. the hardware construction of regional communication network is positively correlated with financial development, and there is an inverted U-shaped relationship between the two, while the use level of communication network software is negatively correlated with financial development. Second, there is a negative correlation between the regional financial development with corporate financing expenses. Third, there is a negative correlation between regional transportation network access with corporate financing expenses, and a long-term and short-term inconsistency in the impact of communication network access on corporate financing expenses based on the financial development constraints. The hardware construction of communication network has a squeezing-out effect on corporate financing in the short term, and the soft usage of communication network has an indirect competition effect on corporate financing in the long run. There is a negative correlation between technological innovation and enterprise financing cost under network access, and there is an inverted U-shaped relationship. It is necessary to pay attention to the short-term and long-term effects in promoting new-type infrastructure investment and cost reduction.
[1]CZARNITZKI D,HOTTERNROTT H.R&D investment and financing constraints of small and medium-sized firms[J].Small Business Economics,2011,36(1):65-83.
[2]黄婷婷,高波.金融发展、融资约束与企业创新[J].现代经济探讨,2020(3):22-32.
[3]BAMBER L S,JIANG J,WANG I Y.What's my style?The influence of top managers on voluntary corporate financial disclosure[J].Accounting Review,2010,85(4):1131-1162.
[4]周楷唐,麻志明,吴联生.高管学术经历与公司债务融资成本[J].经济研究,2017(7):169-183.
[5]GREGORY N,TENEV S.The financing of private enterprise in China[J].Finance and Development,2001,38(1):14-17.
[6]王博,梁洪,张晓玫.利率市场化、货币政策冲击与线上线下民间借贷[J].中国工业经济,2019(6):60-78.
[7]徐静,朱玉杰,陆瑶.股票发行核准与上市公司融资约束[J].清华大学学报(自然科学版),2014(7):959-965.
[8]王伟,董登新.科技型中小企业新三板市场融资效率分析——基于湖北省企业面板数据的实证研究[J].证券市场导报,2020(2):45-51.
[9]BUCHAK G,MATVOS G,PISKORSKI T,et al.Fintech,regulatory arbitrage,and the rise of shadow banks[J].Journal of Financial Economics,2018,130(3):453-483.
[10]万佳彧,周勤,肖义.数字金融、融资约束与企业创新[J].经济评论,2020(1):71-83.
[11]LECHMAN E,MARSZK A.ICT technologies and financial innovations:the case of exchange traded funds in Brazil,Japan,Mexico,South Korea and the United States[J].Technological Forecasting and Social Change,2015,99(10):355-376.
[12]陈放.信息技术能力与金融服务创新的协同演化机制研究——以我国互联网支付行业为例[J].技术经济与管理研究,2017(12):61-65.
[13]ANDRIANAIVO M,KPODAR K.Mobile phones,financial inclusion,and growth[J].Review of Economics and Institutions,2012,3(2):1-30.
[14]刘海二.信息通讯技术、金融包容与经济增长[J].金融论坛,2014(8):65-74.
[15]MASKUS K E,NEUMANN R,SEIDEL T.How national and international financial development affect industrial R&D[J].European Economic Review,2012,56(1):72-83.
[16]PRADHAN R P,ARVIN M B,NORMAN N R.The dynamics of information and communications technologies infrastructure,economic growth,and financial development:evidence from Asian countries[J].Technology in Society,2015,42:135-149.
[17]张秀艳.金融集聚引导下的经济增长路径——基于门限效应和空间效应的解析[J].财经问题研究,2019(11):47-54.
[18]LOVE I.Financial development and financing constraints:international evidence from the structural investment model[J].Review of Financial Studies,2003,16(3):765-791.
[19]沈红波,寇宏,张川.金融发展、融资约束与企业投资的实证研究[J].中国工业经济,2010(6):55-64.
[20]INWOOD G J,O'REILLY P,JOHNS C.Intergovernmental policy capacity in Canada:inside the worlds of finance,environment,trade,and health[M].Toronto:McGill-Queen's Press-MQUP,2011:131-177.
[21]潘俊,王亮亮,沈晓峰.金融生态环境与地方政府债务融资成本——基于省级城投债数据的实证检验[J].会计研究.2015(6):34-41,96.
[22]魏志华,曾爱民,李博.金融生态环境与企业融资约束——基于中国上市公司的实证研究[J].会计研究.2014(5):73-80,95.
[23]陈学胜,罗润东.利率市场化改革进程下企业贷款成本与资本配置效率研究[J].经济管理,2017(3):162-174.
[24]林钟高,郑军,卜继栓.环境不确定性、多元化经营与资本成本[J].会计研究,2015(2):36-43,93.
[25]KUPPUSWAMY V,VILLALONGA B.Does diversification create value in the presence of external financing constraints?Evidence from the 2007-2009 financial crisis[J].Management Science,2016,62(4):905-923.
[26]BROWN J R,MARTINSSON G,PETERSENT B C.Do financing constraints matter for R&D?[J].European Economic Review,2012,56(8):1512-1529.
[27]BRüDERL J,PREISEND?RFER P.Network support and the success of newly founded business[J].Small Business Economics,1998,10(3):213-225.
[28]UZOKA F M E.Fuzzy-expert system for cost benefit analysis of enterprise information systems:a framework[J].International Journal on Computer Science and Engineering,2009,1(3):254-262.
[29]张龙鹏,汤志伟.企业信息技术应用对开放式创新的影响:交易成本视角[J].科技进步与对策,2018(20):79-87.
[30]MUNYEGERA G K,MATSUMOTO T.ICT for financial access:mobile money and the financial behavior of rural households in Uganda[J].Review of Development Economics,2018,22(1):45-66.
[31]沈黎怡,陆岷峰.金融供给侧结构性改革与小微金融业务发展研究[J].西南金融,2019(6):36-43.
[32]卢馨,汪柳希,杨宜.互联网金融与小微企业融资成本研究[J].管理现代化,2014(5):7-9.
[33]贾军,邢乐成.信息通信技术与中小企业融资约束——基于金融制度边界的分析框架[J].中国经济问题,2016(3):123-135.
[34]FORD G S.Does a municipal electric's supply of communications crowd out private communications investment?an empirical study[J].Energy Economics,2007,29(3):467-478.
[35]唐东波.挤入还是挤出:中国基础设施投资对私人投资的影响研究[J].金融研究,2015(8):31-45.
[36]DAS A,CHOWDHURY M,SEABORN S.ICT diffusion,financial development and economic growth:new evidence from low and lower middle-income countries[J].Journal of the Knowledge Economy,2018,9(3):928-947.
[37]胡玉梅,范剑勇.地方政府债务对企业融资的影响:基于“基建挤入效应”和“信贷挤出效应”的视角[J].江海学刊,2019(5):86-92.
[38]HALL B H,LERNER J.The financing of R&D and innovation[M].Amstordam:Handbook of the Economics of Innovation,2010:609-639.
[39]孙晓华,王昀,徐冉.金融发展、融资约束缓解与企业研发投资[J].科研管理.2015(5):47-54.
[40]AKHMEJANOVA T A,VIKULINA V V,VOTCHEL L M,et al.Assessment of efficiency of innovation projects financing through the exit strategies of venture capital investors[J].Journal of Advanced Research in Law and Economics,2015,6(13):463-471.
[41]GARCíA-MANJóN J V,ROMERO-MERINO M E.Research,development,and firm growth.empirical evidence from European top R&D spending firms[J].Research Policy,2012,41(6):1084-1092.
[42]张玄,冉光和,郑强.金融集聚、研发投入与民营企业成长——基于制造业上市民营企业数据[J].预测.2016(1):49-54.
[43]VALVERDE S C,FERNáNDEZ F R.The finance-growth nexus:a regional perspective[J].European Urban and Regional Studies,2004,11(4):339-354.
[44]韩占兵.区域经济发展差异对企业融资结构影响的实证研究——基于上市公司面板数据模型的分析[J].税务与经济,2011(1):40-44.
[45]谢军,黄志忠.宏观货币政策和区域金融发展程度对企业投资及其融资约束的影响[J].金融研究,2014(11):64-78.
[46]OSTAS J .Regional differences in mortgage financing costs:a reexamination[J].Journal of Finance,1977,32(5):1774-1778.
[47]BA?OS-CABALLERO S,GARCíA-TERUEL P J,MARTíNEZ-SOLANO P.Working capital management,corporate performance,and financial constraints[J].Journal of Business Research,2014,67(3):332-338.
[48]BANERJEE A,DUFLO E,QIAN N.On the road:access to transportation infrastructure and economic growth in China[J].Journal of Development Economics,2020,145(6):102-142.
[49]CHINN M D,FAIRLIE R W.ICT use in the developing world:an analysis of differences in computer and internet penetration[J].Review of International Economics,2010,18(1):153-167.
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2020.08.006
中图分类号:F832;F275;F512;F623
引用信息:
[1]庄雷,王冀宁.网络通达、金融发展与企业融资费用研究[J].商业经济与管理,2020,No.346(08):70-83.DOI:10.14134/j.cnki.cn33-1336/f.2020.08.006.
基金信息:
国家社会科学基金项目“金融科技创新驱动下数字货币信用创造及风险监管研究”(17CGL011);; 中国博士后科学基金项目(2019M650107)
2020-08-15
2020-08-15