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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。
This study discusses the mechanism of the spatial agglomeration of regional financial development on the innovation activities of enterprises and their efficiency. The research finds that the systematic differences between the stock market and the credit market in terms of project selection, risk control, revenue acquisition and governance make the spatial aggregation of the two types of financial markets have a heterogeneous mechanism on the impact of firm innovation investment intensity and value relevance . The agglomeration of the equity market can significantly promote the innovation investment and efficiency of enterprises in the region, especially for the private-owned enterprises with high financing needs and high-tech industries. However, the agglomeration of credit markets can only inhibit the innovation investment of enterprises. The risk aversion characteristics of traditional financial institutions and the distortion of financial ecological environment have stifled entrepreneurial innovation investment enthusiasm. This research has certain policy significance for guiding the construction of multi-level capital market in our country.