金融便利化如何影响企业创新？——基于外资自由化协同视角

How Does Financial Facilitation Affect Corporate Innovation? —Based on the Synergistic Perspective of Foreign Investment Liberalization

中文关键词:  金融便利化  外资自由化  企业创新  跨境人民币结算  外资准入政策  协同效应

英文关键词:financial facilitation  foreign investment liberalization  corporate innovation  cross-border RMB settlement  foreign investment access policy  interaction effect

中文摘要:

      当前,良好的区域创新生态系统正逐渐成为促进企业创新的重要力量。利用2012—2020年中国省域和A股上市公司数据,探究了跨境人民币结算业务发展带来的金融便利化对企业创新的影响,并从外资准入政策带来的外资自由化视角出发,重点分析了金融便利化与外资自由化对企业创新带来的协同效应。研究发现,金融便利化有助于企业创新能力的提升,且金融便利化与外资自由化对于企业创新能力具有正向的交互影响,即货币“走出去”、资本“引进来”对企业创新具有协同效应。机制分析结果显示,地区金融资源供给和企业人力资本投资是金融便利化、外资自由化促进企业创新能力提升的重要渠道。异质性分析结果表明,上述协同作用在沿海沿边地区、高竞争行业以及非国有企业中更加明显。因而,应持续推进金融便利化建设,深化外资准入负面清单管理制度的配套改革,并注重提升地区金融资源供给水平,加大企业人力资本投资,以激发企业创新活力。 

英文摘要:

      Currently, a well-developed regional innovation ecosystem is increasingly recognized as a critical driver of corporate innovation. By utilizing provincial-level data and A-share listed company data from China from 2012 to 2020, this study investigates the impact of financial facilitation brought about by the development of cross-border RMB settlementon corporate innovation. Furthermore, from the perspective of foreign investment liberalization introduced by foreign investment access policies, it specifically examines the synergistic effect of financial facilitation and foreign investment liberalization on corporate innovation. The results indicate that financial facilitation strengthens corporate innovation capacity and that financial facilitation and foreign investment liberalization exhibit a positive interaction effect on promoting innovation, highlighting the significant synergy between currency internationalization (“going global”) and capital inflows (“bringing in”). Mechanism analysis reveals that the supply of regional financial resources and corporate human capital investment are critical channels through which financial facilitation strengthens corporate innovation capacity. Heterogeneity analysis further demonstrates that the synergistic effect is more pronounced in coastal and border regions, highly competitive industries, and non-state-owned enterprises.Therefore, efforts should bemade to continuously promote financial facilitation,deepen the supporting reforms of the negative list management system for foreign investment access, and pay attention to enhancing the supply level of regional financial resources and increasing corporate human capital investment, so as to stimulate the innovation vitality of enterprises. 