摘要
如何提高企业风险承担水平、促进其技术创新是塑造创新驱动型经济发展模式的重要抓手。基于债务软约束视角,本文系统考察了国有银行贷款对企业风险承担的影响。研究结果显示,国有银行贷款显著提高了企业的风险承担水平,且相对于商业性国有银行贷款,政策性国有银行贷款的作用效果更强。进一步的作用机制检验表明,债务软约束是国有银行贷款提升企业风险承担水平的核心机制,具体表现为随着国有银行贷款增加,企业的破产风险显著下降、贷款期限显著延长、获得续贷的概率显著增加。此外,本文还发现国有银行贷款提高了企业的创新绩效和经营绩效,表现为企业的专利产出数量、资产收益率和企业价值显著提升。本文研究证实了国有银行贷款对企业风险性投资行为的支持作用,对于如何通过深化金融体制改革助推企业转型升级具有一定的指导意义。
How to improve the level of corporate risk-taking and promote corporate innovation is the key to shape the"innovation driven"economic development model.Based on the perspective of debt soft constraint,this paper systematically examines the impact of state-owned bank loans on corporate risk-taking.The results show that the state-owned bank loans significantly improve the level of corporate risk-taking,and compared with the commercial state-owned bank loans,the effect of policy state-owned bank loans is stronger.Further mechanism test shows that debt soft constraint is the core mechanism for state-owned bank loans to enhance corporate risk-taking.Specifically,with the increase of state-owned bank loans,corporate bankruptcy risk decreases significantly,the loan term extends significantly,and the probability of obtaining loan renewal increases significantly.In addition,this paper also finds that the state-owned bank loans improve the innovation performance and business performance of enterprises,which shows that the number of patent output,return on assets and enterprise value increase significantly.This paper confirms the supporting role of state-owned bank loans on venture capital behavior of enterprises,which has a certain guiding significance for the transformation and upgrading of enterprises and the current financial system reform.
作者
叶永卫
宋尚彬
甘小立
YONGWEI YE;SHANGBIN SONG;XIAOLI GAN(School of Public Economics and Administration,Shanghai University of Finance and Economics;School of Economics and Trade,Guangdong University of Finance)
出处
《产业经济评论》
CSSCI
2022年第6期188-204,共17页
Review of Industrial Economics
基金
国家社会科学基金重点项目“新发展格局构建中的金融资源有效配置机制研究”(21AJY011)的资助。
关键词
国有银行贷款
风险承担
企业创新
经营绩效
State-owned Bank Loans
Risk-Taking
Corporate Innovation
Operating Performance