| Innovation is the primary driving force for development and a strategic support for building a modern economic system.As the main force to promote economic development,SMEs are indispensable in the process of China's implementation of innovation-driven development strategies and enhancement of independent innovation capabilities.General Secretary Xi Jinping clearly stated in the report of the 19th National Congress of Communist Party of China:It is necessary to establish an enterprise-subjected,market-oriented,technology-industrial innovation system,and strengthen support for SME innovation.However,due to the small asset size and low transparency of operating information,the development of small and medium-sized enterprises faces serious financing constraints,and constitutes financing barriers for their innovative activities and further growth.At present,it has become the consensus of the whole society to strengthen the financial service capacity of the real economy and promote a virtuous circle of finance and the real economy.How to solve the problem of "financing difficulties"and "expensive financing" of SMEs from the financial supply side and promote the innovative growth of SMEs has become China's strategic issues for high-quality economic development.In view of the important role of the banking industry in China's financial system,this article is based on the economic reality of the rapid development of small and medium banks in China for a period of time,and explores the impact of the structural adjustment of the banking industry caused by the development of small and medium banks on SME innovation.In this paper,the basic logic of the "overall inspection—mechanism exploration—expansive analysis" that the banking industry structure influences SME innovation is developed,and the related research content is divided into seven chapters to expand.The main content of each chapter is arranged as follows.Chapter 1 is the introduction of this article.This section firstly uses various types of statistical data to carry out statistical analysis on China's current macroeconomic growth and shifting trend,various departments' R&D and innovation trends.SMEs'innovation status and dilemma,and banking industry structural adjustment.In the background of explaining the significance and practical difficulties of SME innovation for economic transformation,this section starts from the perspective of the structural adjustment of the banking industry caused by the development of small and medium-sized banks,clarifies the research issues and significance of this article,and explains the research content of the text.Structural arrangements and research methods,and further analyzed the innovations and limitations of this research.Chapter 2 is a literature review of this article.This article first sorts out the research context of financial development theory,and summarizes the key aspects of financially-affected companies—financing constraints—from the dimensions of measurement methods,status quo and causes,and impact on innovation.In addition,based on the perspectives of "financial deepening" and "financial structure",this article reviews the classic research on the impact of financial development on corporate financing constraints from the perspective of the expansion of the banking industry and the adjustment of the banking industry structure,etc..On this basis,in order to further clarify the important impact of financial development on corporate innovation,this section summarizes the characteristics of innovation activities,the dilemmas they face,and the impact of heterogeneous enterprises to clarify the indispensability of financial resources in the innovation process.Therefore,this paper sorts out the relevant literature about the impact of the development of the banking industry and different financing channels on corporate innovation,and further summarizes the existing research on the impact of the institutional environment on financial resource allocation and corporate innovation from the level of legal system,government intervention and financial marketization.Based on the above literature review,this chapter defines three core concepts involved in this article:"banking structure","financing constraints".and"SME innovation".and uses this to clarify the scope of this article.Chapter 3 is a general analysis of the changes of banking structure and the development of SMEs.On the basis of the general administration of related literature,this article further combines the research theme to grasp the research background of this article from the perspective of the structural changes of the banking industry and the development process of SMEs.Thoeries about "asymmetric information and soft information for SMEs","optimal financial structure","financing support and debt constraints" are reviewed and combed to consolidate the theoretical basis of related research in this article.Finally,this section explains the logical framework of this research.Chapter 4 mainly explores how the structural adjustment of the banking industry caused by the development of small and medium-sized banks affects the financing constraints and innovation behavior of SMEs,which is the "overall inspection" section.This chapter starts with a theoretical analysis of how the banking industry structure affects the financing constraints of SMEs from a holistic level.Combining with theoretical perspectives such as "financing support effect" and "debt constraint effects",this chapter analyzes the innovative financing and R&D behavior of SMEs under the structural adjustment of the banking industry from different perspectives.On the basis of theoretical analysis,this chapter uses the classic financing constraint reflection models(ACW model and FHP model)to make an empirical measurement of the actual effect of the banking industry structure on the financing constraints of SMEs from the overall level.Combining with the high-risk characteristics of corporate innovation,this chapter proposes that the ease of financing constraints of the entire enterprise does not equate to the satisfaction of external financing of innovative projects.Therefore,this section draws on existing research and refocuses on the impact of banking structure on corporate innovation financing constraints through the reconstruction of classic empirical models.Based on the main empirical regression,this chapter uses key variables refactoring,replace empirical models replacement.lag regression,Tobit regression and other means to carry out in-depth tests on the above empirical studies to ensure the robustness of relevant conclusions.Chapter 5 conducts an in-depth "mechanism exploration" of the investment and financing behavior of enterprises under the development of small and medium-sized banks,based on the "overall inspection" in Chapter 4.This section firstly explains the relationship between the structural adjustment of the banking industry and the risk-taking of enterprises.Based on the perspective of corporate risk-taking,the paper further analyzes the internal cash flow utilization and investment choices of SMEs under the risk appetite change.In terms of empirical investigation,this section firstly constructs an intermediary effect model to explore the impact of the banking industry structure on SME bank loans,and the effect of changes in corporate credit levels on innovation's intermediary effect,so as to preliminarily clarify the mechanism of the banking industry's impact on innovative activities from the perspective of credit path.On this basis,by constructing enterprise risk-taking indicators and corresponding empirical models,this chapter conducts an empirical test on the content of the above theoretical analysis part,so as to clarify the role of the banking industry in SME innovation based on the mechanism channels of enterprise risk-taking,cash flow utilization and investment decision-making.In addition,this chapter also tests the robustness of the above research and related findings through statistical analysis,cluster analysis,reconstruction of key indicators,and GMM testsIn Chapter 6,combining the research contents of the above chapters,this article explores the "expansive analysis" of corporate innovation based on the perspectives of the macro-institutional environment.This chapter explores the impact of the institutional environment on corporate innovation activities from three aspects:the level of regional legal system,the degree of financial marketization,and the intensity of government intervention,so as to clarify the corporate innovation behavior and its optimization direction under the influence of the institutional environment.In terms of empirical research,this chapter mainly uses cluster analysis,cross-term test,and other means to perform regression tests on related theoretical analysis.The relevant findings are not only a further expansion of the research on the institutional environment and innovative,but also provide a theoretical basis and policy reference for China's current stage to enhance corporate innovation capabilities,improve financial structure,and optimize the business environment.Chapter 7 summarizes the main research conclusions of this article,and proposes countermeasures and suggestions for this article from the triple perspective of SMEs.banks,and government departments.Finally,this chapter synthesizes the research process of the full text,and proposes the future research prospectsThrough theoretical analysis and empirical exploration,the main research conclusions of this paper can be divided into the following three aspects:(1)Regarding the "overall inspection" of the banking structure on SME innovation,this paper finds that China's SMEs still face serious financing constraints,and the structural adjustment of the banking industry caused by the development of small and medium banks can significantly ease the overall financing constraints of SMEs,manifesting in the significant reduction of corporate cash-cash flow sensitivity and investment-cash flow sensitivity.However,when focusing on the impact of the banking industry structure on corporate innovation,relevant empirical tests show that the structural adjustment of the banking industry caused by the development of small and medium-sized banks cannot significantly alleviate the financing constraints faced by SME innovation.The relationship is more in line with the "debt constraint view",which produces a suppressive effect on corporate R&D investment.The above conclusions reveal the heterogeneous effect of the banking industry structure in alleviating the corporate overall financing constraints and innovation financing constraints.(2)Regarding the "mechanical exploration "behind the related effects,this paper finds that:Firstly,the current development of small and medium-sized banks can only increase the total amount of corporate credit financing and enhance the availability of corporate bank loans.This is also the main reason for the adjustment of the banking industry structure to ease the overall financing constraints of enterprises,but it is powerless to optimize the structure of corporate credit terms and reduce corporate credit costs.And the relevant results of the intermediary effect test show that the increase in the number of single corporate bank loans brought by the development of small and medium banks is a key factor that inhibits corporate R&D investment.Secondly,the structural adjustment of the banking industry caused by the development of small and medium-sized banks has significantly reduced the risk-taking level of SMEs.Finally,this paper finds that the structural adjustment of the banking industry has significantly inhibited companies from putting internal funds into R&D projects.With the increase of corporate bank loans,corporate investment will be more focused on fixed assets that can increase collateral and financial assets that have strong liquidity.The above findings clarify the main reasons and path for the banking industry structure to inhibit corporate innovation activities,that is,with the adjustment of the banking industry structure,it has brought more credit funds to enterprises,the company's risk appetite has changed,and its risk tolerance level has decreased,and its investment choices have become more focused for fixed assets and financial assets with low risk characteristics,and reducing internal cash flow and other financing methods to support research and development investment.(3)The above research found that the structural adjustment of the banking industry,represented by the development of small and medium banks,could not significantly promote the innovation of enterprises,and even have a suppressive effect on their innovation investment.How to ease the innovation restraint under the "debt constraint effect" has become the focus of this article.Based on this,from the perspective of the macro-institutional environment,this article conducts a further "expandable analysis"of corporate innovation.Based on the perspective of the macro-institutional environment,this paper finds that:on the one hand,the improvement of the legal system can significantly alleviate the "debt constraint effect" of SME innovation.And in regions with excellent legal environment,the structural adjustment of the banking industry caused by the development of small and medium-sized banks will not have a significant inhibitory effect on corporate innovation.On the other hand,unlike the improvement of the legal system,the increase in the level of financial marketization and the reduction in the intensity of government intervention cannot significantly reduce the "debt constraint effect" of innovation,which is reflected in the fact that the improvement of the institutional environment cannot relieve the inhibitory effects to SME innovation.Further research found that the improvement of the legal system has significantly alleviated the inhibitory effect of corporate credit financing on innovation activities.And compared with state-owned enterprises or enterprises with low financing constraints,the mitigation of the innovative"debt constraint effect" brought about by the improvement of the legal system is mainly concentrated on private enterprises or companies with high financing constraints.Regarding the incremental contribution of this article,on the whole,this article systematically explores how the structural adjustment of the banking industry caused by the development of small and medium-sized banks affects SME financing and innovative.It is a useful supplement to the traditional financial development theory and corporate growth theory,and provides new empirical evidence and opens new ideas for research in the fields of financial development and corporate innovation.From the specific point of view,on the one hand,this article innovatively applied and restructured the classic measurement model of financing constraints to reveal the heterogeneous role of the banking industry structure in alleviating corporate overall financing constraints and innovation financing constraints,and improved the meticulousness and accuracy of the measurement of corporate financing constraints.It provides a new perspective for the measurement and exploration of financing constraints faced by corporate innovation.On the other hand,this article explores the more complete mechanism path of the "debt constraint effect" of the banking sector on corporate innovation,and clarifies the specific channels for the structural adjustment of the banking industry caused by the development of small and medium-sized banks.It provides a new theoretical reference for the exploration of SMEs' innovative growth from the perspective of "debt constraint view".In the end,this article originally conducts an expanded analysis of corporate innovation from the perspectives of macro-institutional environment.It illustrates the heterogeneous role and mechanism path of different aspects of the institutional environment in affecting SME innovation.Research findings and conclusions of the article not only enrich and expand relevant literature about institutional environment and innovation,but also provide policy references and useful help for China to optimize the business environment,improve financial structure,and promote corporate innovation!... |
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