银行业监管处罚能否促进企业技术创新——来自中国企业的微观证据

Can Banking Regulatory Penalties Promote Corporate Technological Innovation——Micro Evidence from Chinese Enterprises

以中国2010—2020年上市企业为样本,创新性地利用银行业行政处罚信息探究银行监管处罚对企业技术创新的影响。研究发现:银行监管处罚对企业技术创新具有促进效应,并具有提升信贷资源配置效率和“纠错配”的功能,而缓解企业融资约束、抑制企业掏空行为和压缩企业金融投资是银行监管处罚影响企业技术创新的重要机制。研究有助于揭示银行监管等影响信贷环境的行政因素是如何影响企业技术创新的,为如何加快中国企业技术创新提供新思路。

Using a sample of Chinese listed firms from 2010 to 2020,this study explored the impact of bank regulatory penalties(BRP)on corporate technological innovation by innovatively employing banking regulatory penalty information.The research uncovered that:BRP had a promotional effect on corporate technological innovation,enhancing the efficiency of credit resource allocation and serving a function of"corrective realignment".Crucial mechanisms through which BRP influenced corporate technological innovation included alleviating financing constraints for enterprises,curtailing tunneling behaviors,and reducing corporate financial investments.This study helped to reveal how administrative factors,such as banking supervision,have affected corporate technological innovation,thereby offering fresh insights into accelerating technological innovation among Chinese enterprises.