商业信用融资对企业创新的影响--基于企业风险承担水平中介效应的实证研究

The Influence of Commercial Credit Financing on Firm Innovation--An Empirical Study Based on the Intermediary Effect of Firm Risk-Taking Level

创新引领企业长久发展。在当今市场经济下行、宏观环境收紧以及系统性风险下,实体经济要创新就离不开资金的支持,创新也意味着要承担更大的经营风险。基于外源融资中股权融资容易暴雷,银行信贷又受抵押条件限制等问题,本文以2014—2020年A股上市企业的面板数据作为样本,实证检验商业信用融资对企业创新的影响以及风险承担水平的传导效应。研究发现,商业信用融资会促进企业创新投入和产出,但是商业信用融资会降低风险承担水平,且风险承担水平会在商业信用融资和企业创新之间起负向中介作用。本文提出以下建议:优化供应链结构,获取较多的商业信用融资;多赛道竞争,增强企业的风险承担水平;扶持实体经济发展,提高自主创新能力。

Innovation leads the long-term development of enterprises.Under the current downward market economy,tightening macro environment and systemic risks,the real economy cannot innovate without the sup-port of capital,and innovation also means to bear greater operational risks.Equity financing is prone to go bankrupt in external financing,and bank credit is restricted by mortgage conditions,this paper takes the panel data of A-share listed enterprises from 2014 to 2020 as A sample to empirically test the impact of com-mercial credit financing on enterprise innovation and the transmission effect of risk-taking level.It is found that commercial credit financing can promote enterprise innovation input and output,but commercial credit financing will reduce the level of risk bearing,and the level of risk-taking will realize a negative intermediary role between commercial credit financing and enterprise innovation.This paper puts forward the following suggestions:Optimize the supply chain structure to obtain more commercial credit financing;Multi-track competition enhances the risk-taking level of enterprises;We will support the development of the real economy and improve our capacity for independent innovation.