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“证券设计如何影响技术创新”这一命题不论在理论还在经验上都极为重要,但我们对此依然知之甚少。本研究发现,投融资交易项目中的技术创新水平是专用性创新租金分配的反应函数,并且是正向敏感的。在不存在金融合约保护的状态下,如果融资者挤占投资者的专用性创新租金就会导致社会无效率的技术创新水平。从投资者的单边角度来看,投资者对融资者敲竹杠行为的弱反应会减少效率损失;从投融资者双边互动角度来看,投资者对融资者敲竹杠行为的强反应会减少效率损失。在证券设计的制度设计方法下生成的金融合约实质是一种保护专用性创新租金的私人秩序,由特定控制和剩余控制构成。最优证券设计的合约替代率必须与特定控制和剩余控制的边际成本比率相等,否则可以调整证券结构以节约交易成本。在一定条件下,最优的证券设计能够提升有效率的融资项目技术创新水平。此外,金融制度环境从投融资缔约所依赖的信息空间与权力结构两条路径影响边际交易成本产生替代效应与创新效应,替代效应加剧了金融合约的多样性但不影响金融发展与经济增长,创新效应则释放了金融制度对技术创新的促进作用影响长期经济增长。
The proposition “how securities design affects technological innovation” is extremely important both in theory and in experience, but we still have very little knowledge about it. This study finds that the level of technological innovation in investment and financing transactions is a response function of the allocation of exclusive innovative rent and is positively forward-sensitive. Without the protection of financial contracts, if the financiers squeeze investors’ exclusive innovation rent, it will lead to inefficient social technological innovation. From the unilateral perspective of investors, the weak response of investors to financiers’ hurdle will reduce the efficiency loss. From the perspective of investors and financiers, the strong investor reaction to the rip-off of financiers will reduce the efficiency loss. The essence of a financial contract generated under the system design method of securities design is a private order that protects the exclusive innovative rent, consisting of specific controls and residual controls. The optimal stock design contract replacement rate must be equal to the marginal cost ratio of the specific control and the residual control. Otherwise, the securities structure can be adjusted to save transaction costs. Under certain conditions, the optimal securities design can improve the technological innovation level of efficient financing projects. In addition, the financial system environment has a substitution effect and an innovation effect from the two paths of information space and power structure depending on the investment and financing contract, which affect the marginal transaction cost. The substitution effect aggravates the variety of financial contracts but does not affect the financial development and economic growth, innovation The effect frees up the financial system’s contribution to technological innovation and affects long-term economic growth.