制度环境、银行信贷与企业创新——基于创业板上市公司的实证研究

Institutional environment, bank credit and corporate innovation——Empirical study based on listed companies on GEM

先从理论上考察债务融资、制度环境和企业创新这三者间的内在关系,并基于中国创业板上市公司2008-2016年面板数据实证检验在不同制度环境背景下银行信贷影响企业创新的机制。实证结果表明:银行信贷对企业创新具有促进作用,且银行信贷在制度环境不完善的地区对企业创新的促进作用更强;各类检验均表明,上述结论具有较强的稳健性。本文的研究启示表明:在致力于建设创新型国家的过程中应不断优化地区制度环境,保护企业创新成果,同时在制度环境较差的地区应拓宽企业融资渠道,降低商业银行与创新型企业之间的信息不对称程度。

This article theoretically analyzes the internal relations of debt financing,institutional environment and corporate innovation.Based on the panel data of Chinese listed companies on GEM from 2008 to 2016,it makes an empirical study of how bank credit affects corporate innovation in different institutional environments.The empirical results show that bank credit has a positive effect on corporate innovation,and bank credit is more effective in promoting corporate innovation in area with imperfect institutional environment.Various studies show that the above conclusions have greater viability.The findings indicate that it’s necessary to constantly improve the regional institutional environment and protect the corporate innovation results in the process of building an innovation-oriented country.At the same time,it’s important to broaden the financing channel of enterprises and reduce the degree of information asymmetry between commercial banks and innovative enterprises in the area with poor institutional environment.