| Corporation innovation is the key driving factor for sustainable development of economy.However,the innovation activities of enterprises are often limited by financing constraints,so corporations may fail to raise enough funds for innovation activities.As a result,there could be insufficient investment in innovation from time to time.Under the current financial system of our country,banks are an important source of enterprise loans.However,due to the imperfection of the risk management system,the high uncertainty of new investment projects,and the serious information asymmetry between enterprises and banks,enterprises often cannot borrow enough funds from banks to carry out beneficial scientific research.In the absence of necessary funds,the development of enterprises has been greatly limited.This phenomenon is especially obvious among private enterprises.Therefore,how to ease the financing constraints of enterprises becomes an important issue.Based on the background of the continuous reform of China's financial system in recent years,which has intensified the competitiveness of the banking market and the changing relationship between banks and enterprises,this paper intends to study how banking competition and the relationship between banks and enterprises affect enterprise innovation.Based on previous studies,this paper finds that bank-enterprise relationship and banking competition have an impact on enterprise innovation financing constraints in the following two aspects.First,the establishment of bank-enterprise relationship is conducive to relational banks to understand more "soft information" of enterprises,thus alleviating the information asymmetry between banks and enterprises,and improving the willingness of banks to lend loans to enterprises for R&D and innovation.Secondly,with the improvement of banking competitiveness,enterprises can more easily convert loan banks,which makes the original loan banks unable to obtain relationship rent.In anticipation of this instability in the relationship between banks and enterprises,the motivation of banks to provide relational loans to enterprises has weakened.However,in the past literature,most scholars only pay attention to the first aspect of the impact,but ignore the second important factor.With the above consideration,this paper intends to incorporate the above two impact mechanisms into the same model,and explore how the impact of bank-enterprise relationship on enterprise innovation will change under the background of the increasing competitiveness of the banking industry.This paper chooses the data of private enterprises listed in Shanghai and Shenzhen A-shares from 2009 to 2017 as the research sample,uses the H value estimated by Panzar-Rosse model to measure the competitiveness of banking industry,constructs the moderating effect model based on banking competition,uses the fixed effect model method to regression,and uses Heckman two-stage method to correct the problem of sample self-selection for robustness test.The main contributions of this paper lie in the following three points.Firstly,this paper compares the HHI value of market concentration with the estimated H value of Panzar-Rosse model,and finds that the H value reflects the competition situation of banking market more truthfully.Secondly,when studying the impact of bank-enterprise relationship on enterprise innovation,this paper incorporates H value as an indicator of banking competitiveness into the model,reveals that the role of bank-enterprise relationship on enterprise innovation is regulated by banking competition,and enriches the research in the field of enterprise innovation.Thirdly,considering the degree of information asymmetry between enterprises and banks,as well as the characteristics of differences in R&D vitality of enterprises,the content of this paper is very relevant.Therefore,this paper uses these two characteristics to conduct grouping regression,in order to examine the impact of differences in corporate characteristics on the results of research. |
PDF Full Text Request