银行业竞争、融资约束与企业创新

Banking Competition,Financing Constraints and Corporate Innovation

从理论与经验角度研究银行业竞争影响企业创新决策的内在逻辑,以2006—2019年沪深两市上市公司为样本,利用银保监会公布的金融分支机构许可证数据与企业专利申请等数据研究银行业竞争对企业创新活动的影响及作用机制。研究表明,银行业竞争能够缓解企业的融资约束进而促进企业的创新活动。具体地,银行业竞争通过提升企业信贷可得性、提供企业商业信用水平路径促进了企业研发投入。对于民营企业、小型企业与长三角区域,银行业竞争能缓解融资约束,使企业创新活动的作用更加显著。

The article aimed to analyze the internal logic of banking competition affecting corporate innovative decisions from both theoretical and empirical perspectives.Based on the samples of the listed companies in Shanghai and Shenzhen from 2006 to 2019,the paper used the license data of the financial branches published by China Banking Regulatory Commission and the data of corporate patent applications to study the mentioned impact and its influencing mechanism.The study revealed that,banking industry can alleviate the financing constraints of enterprises,and then further promote enterprise innovation activities.Specifically,banking competition promoted enterprise R&D investment through the paths of improving corporate credit availability and providing corporate commercial credit level.Further research found that,the easing effect of banking competition has helped corporate innovation activities obtain more evident effect in private enterprises,small enterprises and Yangtze River Delta Region.