债务违约溢出效应对企业创新投资的影响研究

Externality of Debt Default and the Impact on Innovative Investment

同行业或同地区的公司债务违约,是否会损害企业创新投资值得研究。本文研究发现,债务违约存在行业内的溢出效应,但地区内的溢出效应不显著,债务违约溢出效应会损害企业的创新投资,同时,债务违约溢出效应对企业创新投资的损害在声誉较差、高科技行业、民营企业和行业集中度较低时更为显著。进一步研究发现,现金持有和分析师关注,是债务违约溢出效应损害企业创新投资的两条路径。本文拓展了债务违约溢出效应对创新投资的经济后果研究,同时厘清了债务违约溢出效应损害企业创新投资的路径机理。

Whether the industry/region corporate debt default has negative effect on innovation is an important topic. The results show that there exists negative externality of debt default on innovation. The effect is more salient in the high technology industries, private companies and low concentrated industries. Further research indicates that the cash holding and analyst following are two channels for the effect. Our paper contributes to the literature that studies the externality of debt default on innovation.