证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2013年
5期
29~34
,共null页
制度环境 集群化发展 创新融资约束 新材料产业
製度環境 集群化髮展 創新融資約束 新材料產業
제도배경 집군화발전 창신융자약속 신재료산업
institutional environment, cluster development, financing constraints of innovation, new materials industry
本文以中国新材料产业上市公司为样本，实证分析了外部制度环境和内部企业集群化发展行为对企业创新融资约束的影响。研究发现：集群化发展程度越高，企业的创新能力越强，创新融资约束程度越低；在市场化进程低、政府干预程度高、法治环境差的地区，企业的创新融资约束越低，且民营企业的创新融资约束普遍高于国有企业。研究结论为战略性新兴产业自主创新能力的提升及创新融资政策的制定提供了经验依据。
本文以中國新材料產業上市公司為樣本，實證分析瞭外部製度環境和內部企業集群化髮展行為對企業創新融資約束的影響。研究髮現：集群化髮展程度越高，企業的創新能力越彊，創新融資約束程度越低；在市場化進程低、政府榦預程度高、法治環境差的地區，企業的創新融資約束越低，且民營企業的創新融資約束普遍高于國有企業。研究結論為戰略性新興產業自主創新能力的提升及創新融資政策的製定提供瞭經驗依據。
본문이중국신재료산업상시공사위양본，실증분석료외부제도배경화내부기업집군화발전행위대기업창신융자약속적영향。연구발현：집군화발전정도월고，기업적창신능력월강，창신융자약속정도월저；재시장화진정저、정부간예정도고、법치배경차적지구，기업적창신융자약속월저，차민영기업적창신융자약속보편고우국유기업。연구결론위전략성신흥산업자주창신능력적제승급창신융자정책적제정제공료경험의거。
This paper took China＇s new materials industry as the example empirically studied the relationship between the external institutional environment, internal cluster development behavior and financing constraints of innovation. Main findings and conclusions of this paper are as follows： in areas where the cluster development goes smoothly and efficiently, the companies possess more excellent innovative capability and experience less financing constraints of innovation. The lower market-oriented degree and the higher governmental intervention, there is less financing constraints of innovation; and compared with state-owned companies, the private companies are faced with more financing constraints. This study provides empirical evidence for strategic emerging industries on how to enhance the ability of independent innovation and innovative financing policies.
