Credit Rationing,Financial Development Level And Enterprise Innovation

During the "New Normal" period of the economy,the proportion of innovation input in the total economic volume of our country has been rising.However,the efficiency of enterprise innovation and R&D investment is generally not high.Enterprise financing and investment expenditure still depend heavily on the indirect financing method of credit capital rationing.How does the allocation of credit funds affect the efficiency of enterprise innovation input and output? And whether the relationship will be different with the level of financial development.On the basis of the data of Chinese a-share companies from 2014 to 2016,analyzes the effect of credit rationing on the input(capital and labor)and output efficiency in enterprise innovation and moreover it analyzes the influence which is made by the financial development level differences.The empirical results show that: Firstly,the increase in the scale of credit rationing,extension of the term structure,as well as the decline in the cost of credit will significantly improve the input scale and output efficiency of enterprise innovation;Secondly,compared with the influence of credit rationing on the capital input of enterprise innovation,it is more sensitive and significant to the influence of labor input;Thirdly,compared with the scale and term structure of credit rationing,the efficiency of enterprise innovation is more sensitive to the change of cost of credit rationing;Fourthly,further distinguishing the difference of financial development level,it is found that in areas with low levels of financial development,the influence of credit rationing scale on enterprise innovation input and output efficiency is much higher than that in the higher level of financial development;Fifthly,at the same time,in areas of different financial development efficiency,the change of credit rationing term structure has a significant difference between capital and labor input;Sixthly,in the areas where the financial development efficiency is higher,the capital input of the enterprise innovation is more sensitive to the reduction of the credit rationing cost,while in the areas with low financial development efficiency,this significant relationship is embodied in the labor input of the enterprise innovation.This shows that although the financial development level has an impact on the input and output efficiency of enterprise innovation,but this relationship is very complex in both mechanism and cause.