信贷期限结构对企业创新的影响

Influence of Credit Term Structure on Enterprise Innovation

本文基于2000—2017年中国A股上市公司样本,从微观视角验证信贷期限结构长期化与企业创新产出之间的正向关系。经过内生性处理和稳健性检验,该结论依然成立。进一步的异质性分析显示,信贷期限结构长期化促进企业创新产出的效应大小取决于专利类型与企业特征。具体而言,相比实用新型专利和外观设计专利,信贷期限结构长期化更能促进发明专利的申请。并且,信贷期限结构长期化对国有企业、大型企业、成长期企业以及融资约束程度低的企业具有更加明显的创新促进效应。本文的研究结论厘清了企业信贷期限结构在企业创新过程中的重要作用,有助于中国企业走出信贷资金长期贷款比重不高的困境,不断增强创新实力。

Based on the sample of A-share listed companies in China from 2000 to 2017,this paper verifies the positive relationship between the long-term credit term structure and the innovation output of enterprises from a micro perspective.After treating the endogenous problem and making a series of robustness tests,the conclusion is still valid.Further heterogeneity analysis shows that the effect of long-term credit term structure on innovation output depends on the patent type and enterprise characteristics.In particular,compared with utility model patents and design patents,the long-term structure of credit is better to promote the application of invention patents.Moreover,the long-term credit term has a more obvious innovation promoting effect on state-owned enterprises,large-scale enterprises,growing enterprises and enterprises with low financing constraints.The conclusion of this paper clarifies the important role of enterprise credit term structure in the process of enterprise innovation,which is helpful for Chinese enterprises to get out of the dilemma of low proportion of long-term loans of credit funds and continuously enhance their innovation strength.