Research On Financial Repression,Financing Channels And Enterprise Innovation

Using the 2012 World Bank survey data of China,this paper studies the influence of financial repression and enterprise financing channel choice on enterprise innovation.In our view,in the context of financial repression,entrepreneurs facing financing constraints have to obtain financial resources through two channels,one for commercial credit to suppliers or clients and the other for informal private financial lending.On the one hand,the acquisition of commercial credit needs to be on credit to suppliers,or require customers to pay the first payment(both of which are equivalent to a short-term interest-free loan),which requires the entrepreneur to spend considerable effort to communicate and negotiate,the time may be much higher than the normal level of business dealings;Informal private borrowing often requires entrepreneurs to invest heavily in social capital,establishing a network of human relations to provide "access" and "collateral" to their lending is far more cumbersome than the process of obtaining formal credit from banks-when entrepreneurs spend a lot of time and energy on these informal unproductive activities,The focus on business management and Innovation research and development in the enterprise will naturally decline,thus adversely affects the enterprise's research and development innovation.The results show that financial repression has a significant inhibitory effect on enterprise innovation.At the same time,financial repression has a significant impact on enterprise financing channel selection behavior,which significantly improves the proportion of informal financial financing in enterprise operating capital and reduces the proportion of formal financial financing.The results of the sample regression of informal financial financing show that the financial inhibition has significantly improved the proportion of commercial credit and informal private lending in the Non-formal finance,that is,the financial repression will significantly promote the business credit and informal private loan financing ratio.However,the financial repression,financing channels and enterprise innovation into the same research framework,after controlling the financing channels,the impact of financial repression on enterprise innovation from negative to significant,which shows that financial repression,financing channels and enterprise innovation exists intermediary effect,The inhibition of financial repression on enterprise innovation is mainly through the path of enterprise financing channel.The results of the sample analysis show that the financial repression has the characteristics of "ownership discrimination",and the enterprises with foreign capital and state-owned enterprise are not affected by the financial repression in the choice of financing channels.In addition,the financial repression leads to the increase of the financing cost of formal finance,which makes the enterprises choose informal financial Among them,large enterprises tend to choose the commercial credit in informal finance,the small enterprises choose private credit in informal finance,and medium-sized enterprises choose two kinds of financing channels,which embodies the characteristics of "scale discrimination" of financial repression.