银企关系对企业创新的影响——基于银行业竞争的实证分析

The Influence of Bank-enterprise Relationship on Enterprise Innovation——An Empirical Analysis Based on the Background of Banking Competition

企业创新是推动经济可持续发展的内在动力,但企业创新往往需要大量资金投入。由于我国企业资金的重要来源之一是银行融资,因此关注我国银行业缓解企业融资约束和驱动企业创新的渠道具有重要研究意义。基于2008-2019年我国沪深A股3198家上市公司数据,探讨在不同银行业竞争背景下银企关系影响企业创新的作用机制发现:(1)银企关系增大企业与其他贷款银行的信息不对称,强化企业融资约束,间接地抑制了企业创新。(2)在银行业竞争激烈的环境下,银企关系对企业创新的抑制作用减弱。(3)银企关系对企业创新的抑制作用在市场化程度较高或者法制环境较好地区的企业得到缓解;相对于民营企业,国有企业创新活动受银企关系抑制的作用更加明显;高科技产业企业创新受银企关系抑制的作用更加明显。

Enterprise innovation is the internal driving force for sustainable economic development,while enterprise innovation often requires a large amount of capital investment.As the most important source of enterprise funds in China is bank financing channels,it is of great research significance to study the possible channels of China s banking industry to alleviate enterprise s financing constraints and drive enterprise innovation.Based on the background of banking competitions,we apply a dataset consist of 3,198 Shanghai and Shenzhen A-share listed enterprises in China from 2008 to 2019,to study the influence mechanism of bank-enterprise relationship on enterprise innovation by panel data model,instrumental variable model,placebo test,and so on.The main conclusions in our research are as follows:(1)The bank-enterprise relationship increases the information asymmetry between the enterprise and other lending banks,which intensifies the problem of enterprise financing constraints and indirectly inhibits enterprise innovation;(2)The inhibitory effect of bank-enterprise relations on enterprise innovation will be weakened under intense banking competition;(3)The inhibitory effect of bank-enterprise relations on enterprise innovation will be alleviated in areas with a higher degree of marketization or enterprises with a better legal environment.Compared with private enterprises,the effect on the innovation activities of state-owned enterprises are much significant.High-tech industries are more restrained by the bank-enterprise relationship.