Banking Competition,Equity Financing And Enterprise Innovation

In the context of slow global economic growth,the new normal of China's economy will be reformed from the traditional resource-driven and population intensive models,and the new economic growth model,which is based on technological progress and innovation and development,has become a social consensus.Chinese enterprises,especially listed companies,are undoubtedly main part of exploring this model,its innovation ability,technological innovation and model progress are the most important index to measure whether an economy has the sustained growth vitality.However,in the current economic field,in terms of the Chinese enterprises R&D expenditure,the quality and proportion of personnel about R&D investment,in addition,here are many problems in the quality of R&D results and the actual input and output.And,limited to the level of local economic development,China's current provinces and cities in the R&D investment intensity is quite different.On the other hand,taking into China's special political system,social system,legal system,the role of government in the interaction between banks and capital markets also need to focus on,it is necessary to pay attention to China government and to carry out the further research,especially the government subsidies and special funds to enterprises do affect the exchange of financial and real economy all the time.So the study among them becomes so important.Based on the sample data of Chinese listed companies from 2008 to 2015,this paper analyzes the changes of bank competition degree and the difference of equity financing ratio how to promote the actual impact of enterprise innovation,and then studies the relationship between the two finance parts in the area of promote enterprise innovation financing activities.And on this basis to further consider the role of government agencies in this process.Based on the current situation of China and the international background,this paper makes a preliminary analysis on the practical significance and theoretical significance of the topic,and further studies the research direction and emphases by combing and analyzing the existing literatures at home and abroad.In addition this paper puts forward four hypotheses based on the theory and information rent theory of enterprises and the theory of information rent and the theory of information asymmetry,data integration and internal cost outflow.Using stock market data from 2008 to 2015,and establishing multiple regression model for regression,and discuss the differences among the different natures of ownership,the different sizes of the enterprise,the study found that:First,the degree of bank competition can promote the enterprise innovation R&D investment,and presents the "inverted U" positive incentive,that is:when the degree of competition is less than a certain extent,with the increase in bank competition,the greater the role of corporate innovation;When the competition reaches a certain level,the increase in bank competition brought about by the enterprise innovation effect began to decline.Second,equity financing can promote corporate R&D investment,and this promoter action is more obvious among private enterprises.Third,the changes of bank competition degree and the changes of corporate equity financing amount are positively promoted to the incentive of enterprise innovation R&D investment,and the changes of equity financing amount can significantly increase the positive incentive from the changes of bank competition.Forth,government subsidies on the overall innovation and R&D investment has a huge positive incentive role,and the government will squeeze out some incentives role from the changes in bank competition and changes in equity financing amount for the enterprise innovation R&D investment.Through the empirical research,combined with the Chinese social foundation and the law,this paper puts forward the following policy suggestions:First,for banks,they should adjust the system structure,guide the orderly moderate competition,improve their management and services,and actively cooperate with other agencies to prevent new risks;Second,for agencies in capital market,they should play their own advantages,improve data processing capabilities,to promote the improvement of relevant laws,the establishment of an effective market,to provide more innovative products;Third,for enterprise,they should broaden the financing channels,improve their ability to innovate,pay attention to the establishment and improvement of information disclosure system,pay attention to personnel training and mining;Forth,for government,pays attention to enterprise innovation,support more capital for small and medium enterprises,changes subsidies and regulatory methods,establishes of specialized funds to promote and helps the construction of information disclosure and processing system,pays attention to the cultivation of reserve talents.