营商环境优化对中小企业创新的影响——基于7069项贷款事件的实证检验

The Impact of Business Environment Optimization on the Innovation of SMEs——An Empirical Analysis of 7069 Loan Events

基于中小企业融资机制框架,发现关系型融资能够通过为银行创造长期技术创新收益的方式激励其支持企业技术创新项目,但创新收益的实现与否取决于当地的营商环境。基于此,以中国2005~2017年539家中小企业的7069项贷款事件为研究样本,研究营商环境优化对中小企业创新的影响。结果发现:在弱营商环境下,关系型融资有助于推动中小企业技术创新;营商环境优化会在一定程度上减弱这种作用,但提升了技术创新的总效应;进一步分析发现,上述结论在不同产权、不同行业特性企业中存在显著异质性。

Based on the framework of SME financing mechanism, this paper finds that relationship lending can motivate banks to support technological innovation projects by creating long-term innovation profit, but the realization of innovation profit depends on the local business environment. Based on this, this paper takes 7069 loan events of 539 SEMs from 2005 to 2007 as research samples to analyze the inpact mechanism of bussiness enviromet optimization on SMEs’ innovation.It is found that, firsly, in a weak business environment, the relationship lending has a significant role in promoting SMEs’ technological innovation.Secondly, the optimization of the business environment will weaken the impact of relational lending on SMEs’ technological innovation, but the overall impetus to technological innovation is stronger. Further analysis shows that the above conclusions have significant heterogeneity in enterprises with different property rights and industry characteristics.