贸易信贷对企业技术创新合作的影响

The Impact of Trade Credit on Enterprise Technology Innovation Cooperation

本文基于中国企业的样本研究贸易信贷对企业创新合作行为的影响。结果表明:(1)贸易信贷的可获得性能显著提高企业的创新选择和创新决策,提高企业在创新活动中的资金投入;(2)贸易信贷与行业异质性指标-行业资本密集度、行业流动性指标、有形性指标、投资生产品指标和贸易性指标-的交互关系均对企业合作创新选择和决策产生影响;(3)银行信贷和贸易信贷共同促进了合作创新活动,表现出相对的互补性;(4)贸易信贷显著提高了新产品销售占比。

Based on the samples of Chinese enterprises, the authors of this paper analyze the impacts of trade credit on the behaviors of enterprise innovation cooperation. The results of the paper show that:(1) the availability of trade credit significantly improves the enterprises’ innovation on choice, decision-making and capital investment;(2) the relationship between trade credit and industry heterogeneity indicators-industry capital intensity, industry liquidity, tangibility, investment product indicators and trade indicator-has an impact on enterprise choice and decision-making in cooperation innovation;(3) the bank credit and trade credit jointly promote the cooperation innovation in a relatively complementary way;(4) the trade credit has significantly increased the ratio of new product sales.