银行信贷支持中小企业创新发展的作用研究——基于金融契约执行效率的研究

Research on the Role of Bank Credit in Supporting the Innovative Development of SMEs——Based on the Financial Contract Execution Efficiency

在“双循环”新发展格局下,提高作为经济主体的中小企业的创新能力,成为创新驱动发展战略实施的关键。作为中小企业融资主要供给主体——商业银行信贷,是否能够发挥支持中小企业创新的作用,备受各界关注。本文通过建立GMM模型,采用中小板企业2008—2018年财务数据,实证研究了不同金融契约执行效率条件下,银行信贷在推动中小企业创新发展中的作用。结果显示:(1)银行信贷可得性的提高能够有效促进中小企业通过以研发创新为目的的资本性投资项目。(2)在更高的金融契约执行效率水平下,银行信贷对中小企业创新的促进作用更强。

Under the new development pattern of„double circulation“,improving the innovation ability of SMEs as the economic main body has become the key to the implementation of the innovation driven development strategy.As the main provider of fi nancing for SMEs,whether the credit of commercial banks can play a role in supporting SMEs‘inno-vation has attracted much attention from all circles.This paper empirically studies the role of bank credit in promoting the innovative development of SMEs under diff erent fi nancial contract execution effi ciency conditions by establishing a GMM model and using the fi nancial data of SMEs from 2008 to 2018.The results show that:(1)The improvement of bank credit availability can eff ectively promote SMEs to pass R&D innovation oriented capital investment projects.(2)In a higher le-vel of fi nancial contract execution effi ciency,bank credit plays a stronger role in promoting SMEs‘innovation.