An Empirical Study On The Impact Of Bank Risk Taking On Enterprise Innovation

After thirty years of reform and opening up,China's high growth rate of economic structure has changed,the gradual slowdown in economic growth,economic and social development has entered a new normal.In this background,eighteen of the party put forward to accelerate the transformation of development mode "after the 2015 the fifth Plenary Session of the 18 th CPC Central Committee further made clear" insist on innovation and development,must take the core position in the development of the nation's innovation".Enterprise is undoubtedly the backbone of the whole social innovation,research on enterprise innovation has far-reaching significance for today's China.In our country,bank financing is the most important source of external funds for enterprise innovation.Banks' willingness to bear the risk of bank loans to invest,and corporate innovation and high risk characteristics,so theoretically speaking,the level of bank risk should affect corporate innovation.So,the level of risk taking in our country's banking industry has a significant impact on enterprise innovation? The current research in this area is temporarily lacking,it is also the core problem to be studied in this paper.In theoretical analysis,this paper using the theory of MM,analysis of the impact of various internal and external factors of enterprise innovation trade-off theory,agency theory,contract cost theory,pecking order theory,investment cash flow sensitivity model,on the basis of further analysis of the bank risk bear may influence on enterprise innovation,and put forward the hypothesis.The empirical research,the first to build business innovation(a proxy for R & D investment growth rate)as explanatory variables,undertaken by the bank(a proxy for the risk of bank non-performing loan rate,the bank's risk weighted assets / total assets,bank loan approval index three index)as explanatory variables and other factors that may affect the enterprise innovation the exterior is the unbalanced panel model of control variables;then,all the listed companies of all provinces in China Commercial Bank and the Shanghai and Shenzhen two 2007-2013 based on the data,the empirical test of bank risk on enterprise innovation is significantly affected.The empirical analysis,the results of this study indicate that:(1)enterprise R & D investment three indicators of growth rate and rate of non-performing loans,the bank's risk weighted assets / total assets,loan approval index to measure bank risk has a significant positive correlation,which indicates that the bank risk-taking behavior will indeed affect the enterprise innovation.(2)contained in bank risk and cash flow indexof enterprise internal cross terms in the equation,the cross term is negative,indicating that the internal cash flow and better business,its R & D investment growth rate is not sensitive to bank risk;on the contrary,the worse the enterprise internal cash flow,its R& D investment growth rate of the more sensitive the bank risk.(3)including bank risk and enterprise internal financial indicators of the cross terms in the equation,the cross term is negative,indicating that the enterprise internal financial situation better enterprise,its R & D investment growth rate is not sensitive to bank risk;on the other hand,the enterprise internal financial condition is bad business,its R & D investment growth rate the bank risk more sensitive.The main contribution of this paper lies in: the existing literature on enterprise innovation's main concern is the impact of internal factors and external legal environment for enterprise innovation and less attention to enterprise external financing environment for enterprise innovation,and even external financing business innovation research literature is mainly to explore the enterprise external financing constraints from financial innovation the development level of financial system and the dimensions of the research,little attention on bank risk taking behavior for enterprise innovation,this paper try to do in this regard,contribute to the improvement of enterprise innovation external financing constraints problem.The inadequacies of this paper is: This article only research of bank risk influence on enterprise innovation,not monetary policy into it,that there is no monetary policy,bank risk,enterprise innovation three link,discuss only the "second half of the monetary policy of bank risk taking and innovation" part.Therefore,it is not able to explain how monetary policy through the impact of bank risk taking and then affect the mechanism of enterprise innovation.This deficiency,hope that the follow-up researchers can be improved.