FINANCIAL CONSTRAINTS AND INNOVATION: WHY POOR COUNTRIES DON'T CATCH UP
FINANCIAL CONSTRAINTS AND INNOVATION: WHY POOR COUNTRIES DON'T CATCH UP
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DOI：
10.1111/jeea.12033
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发表时间：
2013-10-01
影响因子：
3.6
通讯作者：
Schnitzer, Monika
中科院分区：
文献类型：
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作者：
Gorodnichenko, Yuriy;Schnitzer, Monika
摘要本文从微观层面考察了金融发展对收入水平等宏观经济结果的影响。具体而言，我们从理论和实证两方面探讨了财务约束如何影响企业的创新活动。理论预测使用独特的企业调查数据进行检验，这些数据提供了创新和企业特定财务约束的直接措施，以及作为企业层面财务约束工具的企业内部资金冲击的信息。我们发现明确的证据表明，财务约束限制了国内企业的创新能力，从而限制了它们追赶技术前沿的能力。
AbstractThis paper examines micro-level channels through which financial development can affect such macroeconomic outcomes as level of income. Specifically, we investigate theoretically and empirically how financial constraints affect a firm's innovation activities. Theoretical predictions are tested using unique firm survey data, which provide direct measures for innovations and firm-specific financial constraints, as well as information on shocks to firms' internal funds that serve as firm-level instruments for financial constraints. We find unambiguous evidence that financial constraints restrain the ability of domestically owned firms to innovate and hence to catch up to the technological frontier.