The Impact Of Corporate Bond Financing Types On Innovation Under The Background Of Shortening Debt Maturity

Since the development of economic globalization,innovation has become an important driving force for economic growth.The traditional resource-driven economic growth model is no longer suitable for the development requirements of today’s world economy.Currently,China’s market economy is facing various challenges such as rising labor costs,increasing resource and environmental pressures,and industrial restructuring.Innovation has become an important means to achieve economic transformation and upgrading.Enterprises require significant funding to engage in technological innovation.With the introduction of a series of bond-related policies,China’s bond market is gradually improving and bond financing has become an important means for enterprises to raise funds.In China’s credit bond market,there is a relatively high proportion of bonds with shorter maturities,which is unfavorable for long-term stable investments by enterprises.Therefore,studying the impact of bond financing on corporate innovation for listed companies has important theoretical and practical significance.In this thesis,data from A-share listed companies from 2011 to 2021 were selected as the research sample.The patent citation frequency,which more accurately reflects the technical quality and innovation of enterprises,was used as the indicator to measure the overall innovation quality of the enterprises.The Tobit model was used to conduct regression analysis on the sample data,and the following conclusions were obtained:(1)There exists a positive correlation between bond financing and corporate innovation,as engaging in bond financing can significantly promote the enhancement of corporate innovation levels.(2)The convenience of bond issuance exhibits certain variations,where bonds with higher ease of issuance have a more pronounced impact on promoting corporate innovation,leading to a significant improvement in the quality of innovation within companies.(3)Further analysis reveals that the influence of bond financing is heterogeneous due to differences in corporate ownership,industry affiliation,and geographical location.The positive correlation between bond financing and corporate innovation is only observed in privately-owned enterprises,while no significant impact of bond financing on corporate innovation has been found in state-owned enterprise samples.The analysis suggests that this discrepancy may be attributed to differing budget constraints and the influence of political affiliations.Sensitivity to bond financing is observed in the innovation quality of manufacturing enterprises and companies located in the eastern region,while non-manufacturing enterprises and those located in the central and western regions show no significant impact from bond financing on corporate innovation.Based on the above conclusions,this thesis proposes relevant suggestions for the government and enterprises.Firstly,at the government level,it is suggested to promote institutional construction and further improve the bond market,promote state-owned enterprise reform,weaken enterprise political affiliations,and improve relevant laws and regulations of intellectual property rights to enhance the innovation drive of enterprises.Secondly,at the enterprise level,it is suggested to actively use bond financing to promote technological innovation,strengthen the protection of intellectual property rights,and optimize the internal innovation system to improve the quality of innovation.