| With China's new normal economic development,simply relying on basic elements to support the extensive economic development is unsustainable.The implementation of innovation-driven development strategy,relying on innovation to build a new engine to develop and cultivate new economic growth point,which can continue to enhance the quality of China's economic development And benefits,has become a priority strategy for the new era of the country.As the most important micro-innovation subject,the innovation ability of the enterprise has significant positive significance to the enterprise's own competitiveness and the formation of the national innovation driving force.However,the ability of independent innovation of Chinese enterprises has long been the situation behind the real needs of economic development.Therefore,in order to further improve the efficiency of investment in science and technology innovation and improve the international competitiveness of enterprises,and to form innovation-driven economy new normal pattern,we need to continue to research the impact of enterprise innovation and the key elements of output,to release the vitality of enterprise science and technology innovation,and to promote the promotion of enterprise value and the sustainable development of macro economy.The existing research has made many explorations on the influencing factors of enterprise innovation,and confirm it is necessary to build a good institutional environment to enhance the driving force of enterprise innovation.The lack of innovation power from external system environment in our country may be an important reason for the lack of innovation ability in the enterprises.The Third Plenary Session of the Eighteenth Central Committee of the Party made it clear that "accelerating the financial reform and creating a favorable environment for enterprise development"and the interest rate market reform is one of the key links.In October 28,2004,People's Bank of China announced the abolition of urban and rural credit cooperatives outside the financial institutions lending rate ceiling,In October 24,2015,the People's Bank of China decided to abolish the deposit interest rate floating limit of commercial banks and rural cooperative financial institutions,Which means the 20 years of interest rate market reform basically completed.Interest rate is the cost of capital,which can reflect the capital supply and demand.Interest rate market reform can eliminate price distortions,identify the demand for funds,guide the flow of funds,improve the efficiency of resource allocation,and improve the monetary policy transmission mechanism.Therefore,the marketization of interest rates may help to alleviate the financing difficulties of innovative enterprises,promote the transfer of capital to high-value innovative enterprises,and improve the efficiency of enterprise funds for enterprises to create a fair and efficient competitive environment,thus promote enterprise transformation and upgrading,Innovation investment,which can increase the efficiency of enterprise innovation.It is also an important perspective to study the effect of interest rate marketization on innovation in China.Based on the normative research methods,this paper uses the theory of financial restraint and financial deepening,information asymmetry theory and agency theory to analyze the external factors forming financing constraints for enterprise innovation and how interest rate marketization relieve the financing constraints.Secondly,based on cost-driven perspective and creditor's rights perspective to explain the impact of interest rate marketization on innovation investment and efficiency of the path to build the theoretical analysis framework.Based on the analysis above,we follow the "interest rate marketization-corporate financing-innovation financing constraints-innovation investment"research line,through the construction of interest rate marketization index,we capture interest rate floating restrictions as the exogenous policy impact and use data of listed company in China and the sample of China's industrial enterprises database from 1998 to 2007,based on micro-enterprise perspective to examine the impact of interest rate marketization on innovation financing constraints and innovation input-output and innovation efficiency.The research are summarized as following three aspects:First,based on the credit distribution channels and information asymmetry channels,we use innovative investment-cash flow model to test whether interest rate marketization can alleviate the enterprise innovation financing constraints.Further,we test interest rate market reform in different listing boards,different property rights,different scale,high-tech and non-high-tech enterprises.The study finds that:China's enterprise innovation activities has a high degree of dependence on the internal cash flow,indicating that there is external financing constraints in China's innovation activities.With the reform of interest rate marketization,the dependence of enterprise innovation on internal cash flow decreases,and interest rate marketization significantly reduces the financing constraints of enterprise innovation.The mitigation effect of interest rate marketization on innovation investment financing constraint is significant difference between different nature enterprises:Compared with state-owned enterprises,the financing constraint of non-state-owned enterprises after interest rate marketization has been significantly alleviated;compared with large-scale enterprises,small-scale enterprise innovation Financing constraints after interest rate marketization has been significantly alleviated;relative to non-high-tech industries,high-tech industry,corporate innovation financing constraints in the interest rate market reform decline more significantly.The abolishment of the lower limit of loans in 2004 as the impact of exogenous policy to carry out the robust test also supports the above conclusions,proved that the interest rate market significantly alleviate the financing of corporate innovation constraints,especially for private,small and medium-sized enterprises,high-tech enterprises with innovative financing constraints.Secondly,based on the theoretical framework of "interest rate marketization?enterprise financing?innovation investment",we focus on the role of interest rate marketization in optimizing corporate debt structure and improving the efficiency of resource allocation through financing channels and cost promotion channels.The study finds that:the interest rate marketization has significantly improved the asset-liability ratio,the bank loan rate,the short-term loan rate and the loan availability of the GEM Company,and significantly improves the profitability of the GEM companies,Non-state-owned enterprises,high-tech enterprises to obtain loans.There are more non-state enterprises,high-tech enterprises can obtain loans.With the deepening of interest rate marketization,the asset-liability ratio,bank loan ratio,long-term loan rate,short-term loan rate and debt maturity structure of state-owned enterprises,large-scale enterprises and traditional industries and enterprises are significantly decreased,indicating that the state-owned enterprises,traditional industries and other enterprises'over-lending needs to be curbed.The interest rate market-oriented loan interest rates increased,which makes the companies pay more attention to capital use costs and optimize their own debt structure.In the case of economic downturn,interest rate marketization did not significantly reduce the asset-liability ratio,bank loan ratio,long-term loan rate,short-term loan rate and debt maturity structure of non-state-owned enterprises and high-tech enterprises.With the data from 1998-2007 China Industrial Enterprises database,using the 2004 loan ceiling release as an exogenous policy impact,we found that the loan availability of non-state-owned enterprises and small-scale enterprises significantly improved after the lower limit of loans.They can get more Long-term loans and short-term loans.The results above show that interest rate marketization has changed the tendency of bank loan allocation and private enterprises,small-scale enterprises,high-tech enterprises can benefit more.In view of the fact that there are more non-listed companies in China's industrial enterprises database and unlisted companies receive less loans than listed companies,we tend to think that interest rate marketization can significantly improve the corporate finance structure and make it possible to obtain more loans for the companies under the past interest rate control.The interest rate marketization can make the credit enterprises pay more attention to capital use costs.The results show that the marketization of interest rate can stimulate the innovation investment decision of the enterprise,which can improve the inhibitory effect of the financing constraint on the innovation investment and promote the enterprise to make more innovative investment.Thirdly,through the resource channel and the supervision channel of the debt,we analyzes the influence of the interest rate marketization on the innovation output and efficiency of the enterprise under the restriction of limited resources,using the enterprise patent data and the innovation efficiency data based on the SFA method.The study finds that:interest rate marketization can significantly increase the number of patent,especially the number of patent applications,but not for the utility model and design patent applications,which means interest rate marketization can improve the enterprise level of "substantial innovation output"and Innovation Output Quality.At the same time,interest rate marketization can strengthen the governance effect of long-term creditor's rights,and increase the innovation output of enterprises through the long-term creditor's rights.Interest rate marketization improves the efficiency of innovation and the effect is more significantly in non-state enterprises.The main contribution of this paper is summarized as following:First,taking the financial development as the starting point and combining with the process of market-oriented interest rate reform in China,this paper explores the influence of the evolution of interest rate marketization from the perspective of micro-enterprise innovation investment,and provide microcosmic evidence from transition economies for the theoretical framework of "financial development—economic growth".Secondly,based on the background of China's interest rate marketization reform,this paper explores the influence of interest rate marketization on the investment behavior of enterprises,and expands the influencing factors of enterprise innovation investment to macroeconomic policy level.Thirdly,the paper explores the impact of interest rate marketization on the efficiency and output of innovation investment and expands the research of innovation investment.Moreover,this paper research the adjust effect of debt management on the effect of interest rate marketization reform on the innovation output and efficiency of the companies in the process of interest rate marketization,while expanding the scope of research.The conclusion of this paper provide policy suggestion on how to deepen the financial reform to improve the innovation vitality of enterprises and provide theoretical suggestions for the development of financial institutions such as commercial banks,so as to provide guidance for enterprises to make rational use of innovative resources. |
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