| Over the past 40 years of reform and opening up,China’s economy has maintained a long-term high-speed growth,and its total economic output has leapt to the second place in the world.At the same time of rapid economic growth,the quality of economic development fails to keep up with the pace of economic growth,and the quality of economic development is relatively lagging behind.With the development of economy,the cost of domestic factors of production continues to rise,and the low cost advantage that China used to rely on no longer exists.At the same time,affected by the international financial crisis in 2008,China’s external demand continues to shrink.With the change of economic conditions at home and abroad,in order to maintain high-quality growth of China’s economy,we must change the driving force of growth,from factor driven to total factor productivity driven,from imitation and introduction to independent innovation.Enterprises play a dominant role in a country’s technological innovation system,and the construction of an innovative country focuses on improving the innovation ability of enterprises.Although with the implementation of innovation driven strategy,Chinese enterprises have made some achievements in innovation,but compared with the world’s advanced economies,there is still a long way to go,and there are also limitations in the quality and efficiency of innovation.The innovation ability of an enterprise is affected by many factors,and both theory and practice show that sufficient financial support is the key to the success of enterprise innovation.With the rapid economic growth,the scale of China’s financial system is expanding rapidly.At the same time,the structural adjustment of the financial system lags behind the expansion of the total amount.China’s financial system is over dependent on indirect financing,and the proportion of direct financing is too low.The contradiction between the relatively backward and unreasonable financial structure and the mismatch of innovation driven is increasingly prominent,and the failure to improve the current financial structure will bring great obstacles to the implementation of innovation driven strategy.At present,the financial supply side structural reform put forward by the central government has listed the adjustment and optimization of the financial system structure as the key content of the reform.Only by continuously optimizing the financial institution system,financial market system and financial product system,can we provide more efficient financial services for enterprise innovation.In this context,according to the guidance of relevant theories and based on the typical characteristics of our country,this paper studies the impact mechanism of the evolution of financial structure on enterprise innovation.This paper first defines the basic concepts of financial structure and enterprise innovation,and systematically reviews the relevant theories of them,and then combs the characteristics and facts of Chinese financial structure and enterprise innovation in detail.In terms of research methods,this paper focuses on empirical research,through a series of facts combing and regression analysis,to provide more empirical evidence for exploring the relationship between financial structure and enterprise innovation.According to the research perspective,this paper studies the financial structure of China from three different levels: macro,meso and micro,that is,macro financial structure,bank market structure,enterprise credit term structure and enterprise capital structure,and studies the influence effect and mechanism of different levels of financial structure on enterprise innovation.From the macro level,this paper first systematically combs the mechanism between the macro financial structure and enterprise innovation based on the existing literature.The existing literature mainly emphasizes the role of the financial market in promoting enterprise innovation,while neglects the current situation of the immature construction of China’s capital market.Due to some institutional defects,simply expanding the scale of capital market and increasing the amount of equity financing do not always bring about the increase of innovation output.Therefore,this paper proposes a hypothesis that there is an inverted U-shaped relationship between macro financial structure and enterprise innovation.In this paper,the least square method and the fixed effect model are used to analyze the benchmark regression model.The results show that the relationship between macro financial structure and enterprise innovation is not simple linear,but "inverted U" relationship.The improvement of financial structure marketization can reduce the information asymmetry between enterprises and external investors,ease the financing constraints faced by enterprises,increase the amount of financing,and promote innovation output.However,the high stock liquidity,malicious M & A among enterprises and financial resource mismatch caused by the imperfect system of capital market in China also produce innovation activities Inhibition effect.In the process of empirical research,this paper pays attention to the heterogeneity characteristics of research objects,and makes a series of heterogeneity analysis.The results of heterogeneity test show that there is a significant "inverted U-shaped" relationship between macro financial structure and invention patents,but not between macro financial structure and non invention patents;from different regions,there is a "inverted U-shaped" relationship in the eastern region,while there is a negative relationship in the central region,but not in the western region;from different ownership enterprises,the macro financial structure and the country There is an inverted U-shaped relationship in the innovation of some enterprises,while there is a positive role in promoting the innovation of private enterprises.In view of the dominant position of banking institutions in China’s financial system,this paper analyzes the structural characteristics of banking institutions market.As a whole,with the continuous improvement of the degree of marketization of the banking sector,the banking market becomes more competitive,so the bank as a whole will be more efficient,thereby reducing the cost of corporate credit,increasing the number of credit,and promoting corporate innovation.In this paper,we use the counting regression model to analyze the impact of the changes in the banking market structure on the innovation of enterprises.The benchmark regression model shows that the patent output and R & D input of enterprises increase significantly with the improvement of the competition degree of the banking market.In the heterogeneity analysis,the strengthening of bank market competition will promote the growth of innovation of different types of patents and enterprises with different ownership.For enterprises in different regions,the strengthening of bank market competition has a restraining effect on enterprise innovation in the eastern region,a promoting effect on enterprise innovation in the western region,and the regression relationship in the central region is not significant.For different scale enterprises,bank competition is conducive to the innovation of large-scale enterprises,but has a negative impact on the innovation of small and medium-sized enterprises.In this paper,we further construct the multiplier study and find that the higher the degree of financing constraints,the less the promotion of bank competition on enterprise innovation.From the micro level,corporate financing structure has a more direct impact on innovation.In the current situation of real economic profit decline and economic financialization,long-term financial support is particularly important for enterprise innovation.In this paper,enterprise credit is further divided into long-term loan and short-term loan.On this basis,the index of credit term structure is constructed,and the relationship between enterprise credit term structure and enterprise innovation is studied by using the regression model.Benchmark regression results show that there is a significant positive relationship between credit maturity structure and innovation.The heterogeneity analysis shows that the larger the proportion of long-term credit is,the greater the output of various types of patents will be,and the more the number of patents with higher scientific and technological content will be.At the same time,the promotion of long-term credit proportion on the innovation of state-owned enterprises is greater than that of private enterprises,on the innovation of large enterprises is greater than that of small enterprises,and on the innovation of growing enterprises is greater than that of mature enterprises Enterprises,and the lower the level of financing,the greater the role of innovation promotion.Enterprise capital structure is also an important micro factor affecting enterprise innovation.Therefore,this paper systematically reviews the mechanism of positive promotion and negative inhibition between enterprise capital structure and enterprise innovation scale,as well as the mechanism of positive promotion between enterprise capital structure and enterprise innovation efficiency,and puts forward the research hypothesis of this paper on this basis.This paper uses fixed effect model to study the relationship between capital structure and enterprise innovation.Benchmark regression model shows that there is an inverted U-shaped relationship between capital structure and enterprise patent output and R&D input,while there is a positive linear relationship between capital structure and enterprise innovation efficiency.The heterogeneity analysis shows that increasing the level of debt has a greater role in promoting invention patents.Considering different regional development levels,there is an inverted U-shaped relationship between capital structure and patent output in the central and western regions,while there is a significant role in promoting the eastern region.The improvement of capital structure level in the Eastern and western regions can significantly promote innovation efficiency.There is an inverted U-shaped relationship between the capital structure and patent output of state-owned enterprises.For private enterprises,there is a positive linear relationship between them.There is an inverted U-shaped relationship between the capital structure and patent output of small enterprises,and the improvement of debt level has a greater role in promoting the R&D and innovation efficiency of small enterprises.There is a significant inverted U-shaped relationship between the capital structure and patent R&D for growing enterprises,but not for mature enterprises,and the improvement of debt level has a greater role in promoting innovation efficiency for growing enterprises.On the basis of the above research,this paper puts forward relevant policy recommendations.The conclusion of this paper has a certain reference value for the implementation of the current financial supply side structural reform and innovation driven strategy. |
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