| 摘要: |
| 本文旨在探究银行业竞争改变企业融资约束，并影响企业创新的影响机制。以2007－2017年的A股上市公司为样本，实证检验银行业竞争通过融资约束和债务融资成本两个渠道影响企业创新。结果表明，银行业竞争程度能够促进企业创新。进一步的异质性研究发现，发明专利创新程度和财务风险较低的企业，银行业竞争对企业创新的影响有所削弱。基于此，政府层面需要进一步推进金融市场改革，尤其是银行业改革；银行层面需要加强自身业务建设及产品创新，从而缓解企业创新融资难程度；企业层面则要通过夯实业务基石以促进自身创新。 |
| 关键词: 银行业竞争；企业创新；融资约束；债务融资成本 |
| DOI： |
| 分类号:F832.2 |
| 基金项目: |
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| Banking Competition and Enterprise Innovation——From the Perspective of Financing Constraints and Debt Financing Costs |
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CAI Xiao-yue,ZHANG Chen-ying
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（School of Economics Fudan University）
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| Abstract: |
| The purpose of this paper is to investigate the impact mechanism of banking competition to change the financing constraint of firms and affect their innovation.Using a sample of A-share listed companies from 2007－2017,an empirical model is constructed in which banking industry competition affects firm’ innovation through two channels：financing constraints and debt financing costs.The empirical results show that the degree of competition in the banking sector can promote corporate innovation.A further heterogeneity study finds that the impact of banking competition on corporate innovation is weakened for firms with lower degree of innovation in invention patents and lower financial risk.Therefore,the government needs to further promote financial market reform,especially banking reform；banks need to strengthen their own business construction and product innovation to alleviate the difficulty of corporate financing for innovation；and firms need to promote their own innovation by strengthening their own business cornerstones. |
| Key words: Banking Competition；Enterprises Innovation；Financing Constraints；Debt Financing Costs |
