The Impact Of Commercial Bank Credit Supply On Innovation Input Of Manufacturing Enterprises

After years of development following the reform and opening up,the domestic economy has maintained a steady growth trend.The traditional extensive economic growth model has been gradually phased out,and new growth points have been found in the process of economic development.Innovation-driven development strategy can bring new vitality to enterprise development and play a greater role in economic transformation and development.According to the statistical bulletin of 2018 national investment in science and technology,the investment of domestic enterprises in innovation and development has been increasing,among which the expenditure of enterprises in 2018 has reached accounting for 77.4% of the total R&D of the whole society.Among all industries,manufacturing is the industry with the highest investment in innovation.In addition,the financial industry still needs to ensure steady development,which is an important supporting force for China's innovation-driven strategic transformation.At present,the main dominant force in the domestic financial system is still the traditional Banks.It is an important measure to enhance the independent innovation of enterprises to improve the support of bank credit supply to enterprise innovation input.This paper focuses on the impact of bank credit supply on corporate innovation investment,trying to answer the impact of bank credit supply on corporate innovation investment and the impact of bank credit on the company's continuous innovation investment strategy.In order to answer the above questions,the research of this paper is mainly carried out from three aspects:(1)Studying the mechanism of commercial bank credit supply and enterprise innovation investment from the theoretical perspective;(2)Using the data of the A-share manufacturing listed companies in 2012-2018,using panel regression method to study different types of bank credit supply for enterprise innovation and enterprise continuous innovation The impact of the investment strategy.Based on the above research and demonstration work,this paper mainly draws the following conclusions:(1)Bank credit is the main financing method of enterprise innovation investment.(2)Different types of bank credit supply have different effects on enterprise innovation input.Total bank credit supply and long-term credit supply have significant promoting effect on enterprise innovation input.Short-term credit supply can restrain enterprise innovation investment.(3)The supply of bank credit will increase the frequency of enterprises' continuous low innovation input and restrain the frequency of enterprises' continuous high innovation input.According to the research conclusion of this paper,the government cannot simply require Banks to support enterprise innovation with normal credit conditions or even low-interest credit conditions through administrative means.Instead,administrative intervention causes bank credit market failure.The government should start from risk compensation,policy support and banking competition,and build a sustainable innovation system of multidimensional interaction among the government,Banks and enterprises.