Soft Budget Constraint Arising From Bank?Government Interference And Innovation Efficiency Of Firm

Innovation efficiency is one of the most closely watched performance indicator,it has an impact on the efficiency of the innovation activities and the sustainable development of enterprises.The convening of the third plenary session of the eighteenth and economic enterprise transformation under the new normal,have highlighted the importance of innovation driving economy,which was rose to national strategic level,that shows the significance of innovation.Therefore,to find the main factors influencing the innovation efficiency,to improve enterprise innovation efficiency become an important task of the government,enterprises and society.In recent years,some scholars in the study of domestic enterprise innovation efficiencymore focus on the excavation of the internal cause and the role of the government,and ignore the role of he bank.Bank of soft budget constraint will not only change the enterprise free cash flow of the current period,and will lead to more serious corporate governance issues,can be an important impact on the innovation of the enterprise efficiency.In addition,the Chinese government has always been to society,Banks and companies under the influence of different level,it also plays multiple roles,And different levels of government intervention may lead to bank soft budget constraints and the relationship between the enterprise innovation efficiency change,So in this paper,further research under different degree of government intervention,bank of soft budget constraint effect on the efficiency of the enterprise innovation.In this paper,as is a new perspective,the soft budget constraint from the bank is used to analyze its impact on the efficiency of the enterprise innovation.This article mainly from the following several aspects:First of all,Through the literature review informed of present situation research on Enterprise Innovation efficiencyto find research deficiencies,then tease out a few scholars study bank soft budget constraint effect on the efficiency of the enterprise innovation.Next,through the theoretical analysis and other methods to learn the possible relations between them,on the basis of the corresponding empirical model was constructed.Next,it can be solved by using data envelopment analysis(DEA)efficiency of enterprise innovation,and use soft budget constraintindicators of Lin to measure the bank soft budget constraints,and use regression analysis to determine the theoretical assumptions.Finally,introducing the regulating variable government intervention,to explore the government intervention in the positive effect and negative effect between them.The main research conclusion of this article is that:First,the bank of soft budget constraint significantly negative effect to our country enterprise innovation efficiency.Bank of soft budget constraint changed the free cash flow of the enterprise,leading to excessive investment of the enterprise and increaseagency cost,and making innovation efficiency lower.Empirical research on the enterprise innovation efficiency of the relative concentration between 20%-40%,it is serious about innovationinefficiencies of the mostly enterprises.Second,the government intervention in the innovation efficiency of Banks and the soft budget constraint and adjust action,and the stronger the degree of government intervention,the more obvious inhibitory effect.Based on the above analysis,the paper put forward the following proposals.Firstly,the banks should decentralize banking system,and harden the budget constraint.They also should address the relationship between banks and enterprises,and give full play to its oversight responsibilities.Secondly,the government should strengthen supervision and the government intervention.The welfare system need to improve,and the policy burden need to weak.A sound financial system have to improve.andmulti-financingshould be encouraged.Thirdly,Enterprises should increase investment in education and cultivate innovative talents.They also need to perfect the corporate governance corporate governance and strengthen internal control.