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金融研究  2019, Vol. 466 Issue (4): 149-167    
  本期目录 | 过刊浏览 | 高级检索 |
金融知识与小微企业创新意识、创新活力——基于中国小微企业调查(CMES)的实证研究
黄宇虹, 黄霖
西南财经大学中国金融研究中心/经济与管理研究院,四川成都 610074
Financial Literacy in Small and Micro Enterprises and Innovation Consciousness and Vitality: An Empirical Analysis Based on the CMES Data
HUANG Yuhong, HUANG Lin
Institute of Chinese Financial Studies / Research Institute of Economics and Management, Southwestern University of Finance and Economics
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摘要 根据人力资本理论的解释,金融知识体现了小微企业主对经济金融相关信息的认知与决策、以及使用正规金融工具与服务的能力,因此将作用于小微企业的创新意识与创新活力。实证结果发现,金融知识显著提升了小微企业的创新意识,表现为更重视创新的必要性与员工的创新能力,也有效改善了创新活力。这对相关政府部门与金融机构进一步普及金融知识与开展面向小微企业主的培训,提供了积极的数据支持。进一步分析表明,金融知识通过市场认知机制与信贷约束机制分别作用于创新意识与创新活力。在市场化高、非国有经济发展好、金融市场化高的地区,小微企业的创新活力强而创新意识不强,金融知识的作用主要在于提升创新意识,即提升市场认知机制发挥作用;而在市场化低、非国有经济发展差、金融市场化低的地区,小微企业的创新意识强而创新活力不强,金融知识的作用主要在于提升创新活力,即缓解需求抑制型信贷约束的机制发挥作用。
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黄宇虹
黄霖
关键词:  小微企业  金融知识  创新    
Summary:  Innovation is one of the twin engines promoting China's economic growth and structural transformation. Whether small and micro enterprises can adapt to innovation requirements and challenges in the market is key to determining their future development and even the direction of the overall economy. Considering that a typical characteristic of small and micro enterprises is highly integrated management rights and ownership, we explore whether innovation consciousness and vitality can be improved by enhancing the human capital endowment of entrepreneurs in addition to the external mechanisms of enhancing financial support, providing government subsidies, and reducing the tax burden. This study examines the important role of financial literacy in promoting innovation consciousness and vitality in small and micro enterprises from the perspective of human capital theory.
First, financial literacy reflects the individuals' understanding of the economic and financial environment and their decision-making abilities. Entrepreneurs with high financial literacy can better understand the laws of economic development and thus foresee market opportunities because it is crucial for entrepreneurs to recognize innovation opportunities and prospects. Therefore, high financial literacy can effectively enhance innovation consciousness. Second, the inhibiting effect of formal financial credit constraints on innovation vitality has been widely proved. Because of unfamiliarity with the products, processes, and related policies of formal credit, people tend to show less credit demand, which induces demand-restrained credit constraints. Financial literacy can effectively improve the understanding of formal financial products and services, thereby alleviating such credit constraints and promoting innovation vitality. Based on the above analysis, we believe that financial literacy, as an aspect of human capital, influences innovation consciousness through a market cognition mechanism and innovation vitality through a credit constraint mechanism.
Based on data from the China Small and Micro Enterprises Survey (CMES), we identify the understanding and calculation of interest rates, inflation, and investment risk among small and micro entrepreneurs, and construct a financial literacy indicator using factor analysis. The empirical results show that financial literacy significantly improves the innovation consciousness of small and micro enterprises. Entrepreneurs care more about the innovation and novation abilities of employees, and the innovation vitality of the enterprise is also effectively improved. These results hold when using entrepreneur training experience or attention to economic and financial information as proxy variables for financial literacy and endogeneity testing. We also find a lower impact of financial literacy on technological innovation vitality compared with other types of innovation because credit constraints are secondary to those of technology and personnel. Moreover, we distinguish the market environment using the Fangang total market index, non-state-owned economic development index, and financial marketization index to verify the different mechanisms of financial literacy on innovation consciousness and vitality. In areas with high marketization, good non-state-owned economic development, and high financial marketization, small and micro enterprises have strong innovation vitality and weak innovation consciousness. The main role of financial literacy is to promote innovation consciousness through enhancing the market cognition mechanism. In areas with low marketization, poor non-state-owned economic development, and low financial marketization, small and micro enterprises have strong innovation consciousness and weak innovation vitality. The role of financial literacy lies mainly in promoting innovation vitality, that is, through the mechanism of alleviating demand-restrained credit constraints.
The findings of this study provide insight into how to improve the innovation consciousness and vitality of small and micro enterprises in different market environments. Future work could explore the influence of financial literacy on innovation efficiency. Furthermore, as financial literacy can effectively alleviate demand-restrained credit constraints, we provide a new way of solving the financing difficulties of small and micro enterprises.
Keywords:  Small and Micro Enterprises    Financial Literacy    Innovations
JEL分类号:  O31   D83   D21  
基金资助: 本文受教育部社科研究基金青年项目资助(编号:18YJC790057)。
作者简介:  黄宇虹,金融学博士,副研究员,西南财经大学中国金融研究中心,E-mail:huangyuhong@swufe.edu.cn.
黄 霖,金融学博士,教授,西南财经大学经济与管理研究院,E-mail: lhuang@swufe.edu.cn.
引用本文:    
黄宇虹, 黄霖. 金融知识与小微企业创新意识、创新活力——基于中国小微企业调查(CMES)的实证研究[J]. 金融研究, 2019, 466(4): 149-167.
HUANG Yuhong, HUANG Lin. Financial Literacy in Small and Micro Enterprises and Innovation Consciousness and Vitality: An Empirical Analysis Based on the CMES Data. Journal of Financial Research, 2019, 466(4): 149-167.
链接本文:  
http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2019/V466/I4/149
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