| 区域金融发展的空间集聚与上市企业创新研究; Spatial Aggregation of Regional Financial Development and Innovation of Chinese Listed Firms | |
| 孙刚 | |
| 2015-03-10 | |
| 关键词 | 金融发展 金融集聚 创新投入 股权市场 债权市场 Financial Development Financial Aggregation Corporate Innovation Equity Market Debt Market |
| 英文摘要 | 该研究讨论了区域金融发展的空间集聚特征对企业创新活动及其效率的影响机制。研究发现,股权市场与信贷市场在项目甄选、风险控制、收益获取以及治理等方面的系统差异使得两类金融市场发展的空间集聚对企业创新投入强度和价值相关性的影响机理上具有异质性。股权市场空间集聚能够显著促进区域内企业创新投入及其效率,对高融资需求、高科技含量行业的民营企业尤其明显,而信贷市场空间集聚对企业创新投入反而起到抑制作用。传统金融机构的风险规避特征及金融生态环境的扭曲扼杀了企业家创新投入积极性。该研究对指导我国多层次资本市场建设具有一定的政策借鉴意义。; The study is to explore the impact of financial development and its characteristics of financial aggregation on corporate innovation activities and its efficiency.The findings indicate the differences of equity and credit markets in project selection, risk control, gains access and governance system create the heterogeneity of two types of financial markets development on the performance of corporate innovation intensity and performance.Equity market development could significantly promote innovation and its value relevance, especially for Non-SOEs firms in high-tech industry and with higher demand of external financing.While, credit markets development has a significant inhibitory effect on corporate innovation.Risk avoidance of traditional financial institutions and distorted financial ecological environments stifle corporate innovation enthusiasm.The study has a policy implication for construction of multi-level capital market.; 浙江省社科规划课题(14NDJC095YB); 中国博士后科学基金工商管理一等资助金项目(2014M550355) |
| 语种 | zh_CN |
| 内容类型 | 期刊论文 |
| 源URL | [http://dspace.xmu.edu.cn/handle/2288/103372]  |
| 专题 | 管理学院－已发表论文 |
| 推荐引用方式 GB/T 7714 | 孙刚. 区域金融发展的空间集聚与上市企业创新研究, Spatial Aggregation of Regional Financial Development and Innovation of Chinese Listed Firms[J],2015. |
| APA | 孙刚.(2015).区域金融发展的空间集聚与上市企业创新研究.. |
| MLA | 孙刚."区域金融发展的空间集聚与上市企业创新研究".(2015). |
| 个性服务 |
| 查看访问统计 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
修改评论