信贷期限结构、企业研发创新与地区产业发展

Credit Term Structure,Enterprise R&D and Regional Industrial Development

本文以中国省际面板数据为研究样本,从企业研发创新活动的视角出发研究了银行信贷期限结构对产业发展的影响及其具体机制,得到如下结论:第一,信贷期限结构长期化有助于促进工业发展,而信贷期限结构短期化则会抑制工业发展,其中,资本密集型制造业对信贷期限结构最为敏感,信贷期限结构短期化将对资本密集型制造业产生抑制作用。第二,信贷期限结构长期化会通过企业研发创新渠道来促进地区工业发展特别是资本密集型制造业的发展,相反,信贷期限结构短期化则会通过企业研发创新渠道来抑制地区工业发展特别是资本密集型制造业的发展。第三,信贷期限结构长期化可以通过企业专利开发、新产品开发等渠道促进工业发展,而信贷期限结构短期化则会通过企业专利开发、新产品开发等渠道抑制工业发展。上述发现有助于进一步理解银行信贷期限对地区产业发展的深层次影响及其作用机制,为产业政策的制定提供了新的思路。

Based on the data of China′s inter-provincial panel,this paper investigates the effect of credit term structure on industry development and its specific mechanism from the perspective of enterprise R&D.The conclusion is as follows:First,the long-term structure of bank credit helps to promote the industrial development.The short-term structure of bank credit can restrain the industrial development,the capital-intensive manufacturing industry is most sensitive to the credit term structure,and the short-term structure of bank credit will have an inhibitory effect on the capital-intensive manufacturing industry.Second,the long-term structure of bank credit can promote regional industrial development,especially the capital-intensive manufacturing industry through the channel of enterprise R&D,in contrast,the short-term structure of bank credit can restrain regional industrial development,especially the capitalintensive manufacturing industry through the channel of enterprise R&D.Third,the long-term structure of bank credit can promote the industrial development through the channels of enterprise patent development and new product development,and the short-term structure of bank credit can restrain the industrial development through the channel of enterprise patent development and new product development.The above findings help to further understand the deep influence of bank credit term structure on the development of the regional industry and its mechanism,and provide a new perspective for the formulation of industrial policy.