银行信贷决策对企业技术创新效率的影响研究——来自中国上市公司的经验证据

Research on the Impact of Bank Credit Decisions on Corporate Technological Innovation Efficiency——Empirical Evidence from Listed Company

技术创新是提升企业价值的核心战略,更是提高国家整体创新水平的重要力量,已成为学术界关注和研究的重点。然而,现有研究对其技术创新的意愿关注较少,特别是对哪些激励因素能推动企业实施技术创新,并有效提高其效率的相关研究更欠缺。因此,本文基于金融资产错配视角,以2006~2022年中国上市公司作为初始样本,实证考察了银行信贷决策对企业技术创新效率的影响机制。研究发现:银行信贷决策对技术创新效率具有提升作用,而金融资产错配在创新投入要素上具有显著的异质性,并作为其两者间重要的传导机制。本文据此建议,要深入融合创新要素市场,强化技术创新与建设创新文化,进一步与金融监管系统协同发展。

Technological innovation represents a central strategy for enhancing the value of enterprises,while also constituting a significant driver for improving the overall level of national innovation.This has led to a notable shift in academic attention and research,with a growing focus on this area.However,existing studies have devoted less attention to the willingness of enterprises to engage in technological innovation.Furthermore,there is a dearth of research exploring the incentives that can effectively promote the implementation of technological innovation and enhance enterprise efficiency.Accordingly,this paper employs a financial asset mismatch perspective to empirically examine the mechanism through which bank credit decisions influence the efficiency of technological innovation in enterprises.The initial sample comprises Chinese listed companies from 2006~2022.The findings indicate that bank credit decisions have a positive impact on the efficiency of technological innovation.Financial asset mismatch exhibits significant heterogeneity in innovation input factors and serves as an important transmission mechanism between them.In the future,it is necessary to integrate the innovation factor market in a more profound manner,to reinforce technological innovation and to cultivate an innovation culture.Furthermore,there is a need to enhance the synergies between the aforementioned elements and the financial regulatory system.