创新政策与企业融资:意大利汽车供应链及其向工业 4.0 的转型

IF 3.5 2区 经济学 Q1 ECONOMICS
G.G. Calabrese , G. Falavigna , R. Ippoliti
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引用次数: 0

摘要

本作品调查了意大利汽车供应链中的中小企业,测试了以支持工业 4.0 投资为目标而制定的创新政策的影响。作者详细研究了该政策对中小企业进入资本市场(i)和财务业绩(ii)的影响。前者是衡量该政策有效性的合适代用指标,而后者则是评估该计划结束后可持续性的良好候选指标。根据我们的研究结果,能够享受到这一创新政策激励的中小型企业是那些获得外部金融资源比率较高(即负债率高出 0.3)和财务绩效较高(即利润为正的几率高出 2 倍,财务指标高出 0.01)的观察对象。因此,有证据表明,对这一公共干预措施的评价是积极的,对其可持续性的预期也是积极的。有鉴于此,本文提出了若干政策启示,以引导各国政府迎接第四次工业革命。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Innovation policy and corporate finance: The Italian automotive supply chain and its transition to Industry 4.0

This work investigates the SMEs of the Italian automotive supply chain, testing the impact of an innovation policy created with the target of supporting investments in Industry 4.0. In detail, the authors examine the impact of this policy on SMEs’ access to the capital market (i) and their financial performance (ii). The former is an appropriate proxy to measure the effectiveness of such policy; while the latter is a good candidate to evaluate the sustainability of this program after its conclusion. According to our results, SMEs with access to the incentives of this innovation policy are those observations with higher rates of admission to external financial resources (i.e., 0.3 higher debt ratio) and higher financial performance (i.e., 2 times the odds of having a positive profit, and 0.01 higher financial indexes). Hence, evidence suggests a positive evaluation of this public intervention, as well as positive expectations on its sustainability. In view of these insights, several policy implications are formulated to lead governments into the fourth industrial revolution.

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来源期刊
CiteScore
6.20
自引率
11.40%
发文量
76
期刊介绍: The Journal of Policy Modeling is published by Elsevier for the Society for Policy Modeling to provide a forum for analysis and debate concerning international policy issues. The journal addresses questions of critical import to the world community as a whole, and it focuses upon the economic, social, and political interdependencies between national and regional systems. This implies concern with international policies for the promotion of a better life for all human beings and, therefore, concentrates on improved methodological underpinnings for dealing with these problems.
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