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选取了2007-2011年的A股制造业上市公司作为对象,以“信贷歧视”背景下债务融资成本和技术创新投资规模之间的关系为切入点,考察我国的信贷资源配置效率问题。研究结果表明,“信贷歧视”降低了我国信贷资源的配置效率,促使低成本的债务资源流向部分技术创新动力匮乏的国有企业和大企业,而民营上市公司和小规模公司却苦于承担着较高的债务融资成本而缩减技术创新投资规模;而近些年我国金融生态环境的改善和政府对于科技类行业的政策倾斜,强化了信贷市场的便利融资和资源配置功能,在一定程度上提高了信贷资源配置效率,提高了我国企业的技术创新动力。
This paper chooses the A-share manufacturing listed companies from 2007 to 2011 as the target, and studies the relationship between the debt financing cost and the scale of technological innovation investment in the context of “credit discrimination”. The results show that “credit discrimination ” reduces the allocation efficiency of credit resources in our country and urges low-cost debt resources to flow to some state-owned enterprises and large enterprises that are lack of motivation for technological innovation. However, private listed companies and small-scale companies suffer from In recent years, the improvement of financial eco-environment in our country and the government’s policy inclination toward science and technology industry have strengthened the function of convenient financing and resource allocation in credit market, which to a certain extent improved The allocation of credit resources efficiency, improve the technological innovation in China’s enterprises.