企业探索型创新与银行信贷决策——基于中国上市公司专利技术分类的经验证据

Exploration Innovation and Bank Credit Decision:Evidence from Patent Technology Classification of Listed Companies in China

企业探索型创新能否在金融市场上获得资金支持,是促进经济高质量发展的重要问题。本文利用专利分类数据构建探索型创新指标,考察企业探索型创新对银行信贷决策的影响。研究发现,探索型创新程度越高,企业获得的银行借款越多,这说明总体上银行关注了企业创新行为的差异,并为探索型创新程度高的企业提供了信贷支持。进一步研究发现,在国有企业、弱竞争行业以及要素市场发展较为完善的地区,探索型创新对银行信贷的积极作用更为明显。影响机制分析表明,探索型创新通过影响银行对企业未来盈利的预期和长期价值投资者的关注两种机制作用于银行信贷决策。本文的研究为企业探索型创新对金融市场资源配置的影响提供了经验证据,有助于金融机构、投资者、监管部门更好地理解探索型创新的内涵和作用,对于进一步深化金融供给侧结构性改革,促进市场资源配置效率提升,进而助力经济高质量发展具有重要的启示意义。

Whether an enterprise’s innovation output can be effectively priced in the financial market is an important issue to promote high-quality economic development.This paper distinguishes the differences of firms’innovation behaviors and studies the impact of firms’exploratory innovation tendency(non-improved innovation)on bank credit decisions.In other words,do banks pay attention to and identify the differences in innovation behaviors of enterprises,and provide easy credit contracts for enterprises with a strong tendency to breakthrough innovation?This can reflect the efficiency of bank credit decision-making to a certain extent,and is of great significance for deepening the supply-side reform of finance,improving the ability of finance to serve the real economy and promoting high-quality economic development.In order to discuss the above problems,this paper uses the technology classification information of A-share listed companies from 2007 to 2020 to construct exploratory innovation indicators,and empirically studies the impact of enterprises’exploratory innovation on bank credit decisions.The empirical results show that the higher the degree of exploratory innovation,the more bank credit support,which indicates that banks pay attention to the difference of innovation types and provide credit support for enterprises with high exploratory innovation degree.Further,from the Angle of the micro,meso and macro type enterprises to explore the role of the innovation of bank credit decision-making in difference under the influence of different factors,the results found in state-owned enterprises,weak competition in the industry and good region factor market development,to explore the high degree of innovation of enterprise,bank credit support is relatively more.The analysis of influencing mechanism shows that exploratory innovation acts on bank credit decision through influencing bank’s future profit expectation and long-term value investor’s concern.The main contributions of this paper are as follows:First,this paper considers the heterogeneity of firms’innovation behavior and examines the impact of firms’exploratory innovation tendency on bank credit decisions from the perspective of creditors,which not only enriches the literature on the economic consequences of innovation,but also refines innovation research from the overall level to the category level.Most of the previous literatures on enterprise innovation focus on the influence factors,and the research on the economic consequences of innovation is relatively lack.Moreover,the focus on innovation is mostly on the analysis of input amount,output quantity and performance,and the difference of innovation types is rarely discussed.Second,the factors to consider in bank credit decisions are an important topic in the field of bank credit.The impact of innovative activities on bank credit decisions has attracted increasing attention of researchers,but domestic scholars have not yet paid attention to this factor.This paper provides empirical evidence on innovation and finance research in emerging markets.Third,this paper studies the allocation of credit resources by banks to enterprises’exploratory innovation,which provides an intuitive perspective and empirical evidence for understanding the financial supply-side reform aimed at stimulating“new drivers”by serving real enterprises more efficiently.At the same time,how to improve the efficiency of resource allocation for breakthrough innovation in China’s“double cycle”economic pattern to enhance the“upward development”of domestic cycle and“international status”of foreign cycle has enlightenment significance.