ABSTRACT

This study investigates the effects of firms’ financial constraints on their productivity by considering firms’ ownership structure and characteristics using a manufacturing firm-level dataset from South Korea for the period 2006–2017. The System Generalized Method of Moments results indicate that foreign multinational corporations rarely experienced financial constraints on their productivity, whereas the effects of financial constraints on productivity were aggravated for domestic firms during the global financial crisis. Particularly, small, young, and unaffiliated domestic firms experienced more severe financial constraints, especially during the global financial crisis, than did large, old, and affiliated domestic firms. The results show that small, young, and unaffiliated domestic firms which invested in R&D activity were less financially constrained than those without R&D activity. Based on the Heckman two-step estimation results, financial factors significantly affected R&D investment; thus, severe financial constraints hindered optimal R&D investment, which is necessary for productivity enhancement. Therefore, financial market failure during the global financial crisis resulted in productivity polarization. Hence, policies that relax financial constraints for innovation activity, such as R&D subsidies and tax exemption incentives should be targeted to financially vulnerable firms, such as small, young, and unaffiliated domestic firms. These policies should be strengthened during a financial crisis.

摘要

本研究使用韩国 2006 年至 2017 年期间的制造企业级数据集，通过考虑企业的所有权结构和特征，调查企业财务约束对其生产力的影响。系统广义矩法的结果表明，在全球金融危机期间，外国跨国公司很少经历财务约束对其生产率的影响，而财务约束对本国企业生产率的影响则加剧。特别是，与大型、老牌和附属国内公司相比，小型、年轻和非附属国内公司经历了更严重的财务约束，尤其是在全球金融危机期间。结果表明，投资研发的小型、年轻和无关联的国内公司 与没有研发活动的活动相比，D 活动在财务上的限制较少。基于Heckman两步估计结果，财务因素显着影响研发投入；因此，严重的财政限制阻碍了最佳的研发投资，而这对于提高生产力是必要的。因此，全球金融危机期间金融市场失灵导致生产力两极分化。因此，放宽创新活动财务约束的政策，如研发补贴和免税激励措施，应针对财务脆弱的企业，如小型、年轻和无关联的国内企业。在金融危机期间应加强这些政策。财务因素显着影响研发投入；因此，严重的财政限制阻碍了最佳的研发投资，而这对于提高生产力是必要的。因此，全球金融危机期间金融市场失灵导致生产力两极分化。因此，放宽创新活动财务约束的政策，如研发补贴和免税激励措施，应针对财务脆弱的企业，如小型、年轻和无关联的国内企业。在金融危机期间应加强这些政策。财务因素显着影响研发投入；因此，严重的财政限制阻碍了最佳的研发投资，而这对于提高生产力是必要的。因此，全球金融危机期间金融市场失灵导致生产力两极分化。因此，放宽创新活动财务约束的政策，如研发补贴和免税激励措施，应针对财务脆弱的企业，如小型、年轻和无关联的国内企业。在金融危机期间应加强这些政策。放宽创新活动财务约束的政策，例如研发补贴和免税激励措施，应针对财务脆弱的企业，例如小型、年轻和无关联的国内企业。在金融危机期间应加强这些政策。放宽创新活动财务约束的政策，例如研发补贴和免税激励措施，应针对财务脆弱的企业，例如小型、年轻和无关联的国内企业。在金融危机期间应加强这些政策。