债券增信对企业创新的影响研究

Influence of Credit Enhancement on Corporate Innovation

债券增信能帮助企业以更好的条件发行债券,因而对企业的创新能力产生影响。通过对2007-2015年上市债券的研究发现:债券增信能够显著提升企业创新能力,但不同的增信方式(第三方保证、抵押和质押)其影响存在差异,其中,以采用抵押担保的增信方式效果为最佳;并且,债券增信对企业创新的提升效果在融资约束企业更为明显,从另一侧面证明了融资约束对企业创新的负面影响。

Debentures’credit enhancement can help firms successfully issue bonds with better conditions,accordingly,it can influence its innovation ability.Based on the data of the listed bond over the year 2007-2015,we find that credit enhancement can improve firms’innovation ability while the method of mortgage guarantee is the best among the three types of credit enhancement being generally used.Furthermore,these influences are greater in firms with financing constraints than those without financing constraints,the results support the negative influence of financing constraints on innovation in a different way.