Prof Banking development and corporate innovation

Zied Ftiti
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引用次数: 0

Abstract

This paper investigates the impact of banking development on corporate innovation.Using data from the listed French companies on the SBF 120, we presentevidence that bank geographical proximity is no longer determinant in access toR&D financing. However, an efficient and performing banking sector that financethe economy through credits to firms seems to encourage firms to invest in R&D.We find that the probability that R&D investments result in new patents seems tobe more affected by corporate governance rather than by banking development.Results show no empirical evidence on a greater impact of banking developmenton corporate innovation for firms that are more dependent upon external finance.In this case, the equity market development becomes the driving factor of R&Dfinancing and the corporate governance remains the fundamental determinant oftransforming R&D investments on new patents.
教授银行业发展与企业创新
本文研究了银行业发展对企业创新的影响。利用SBF 120指数上的法国上市公司的数据,我们证明了银行的地理位置不再是获得toR&D融资的决定因素。然而,通过向企业提供信贷为经济提供资金的高效且表现良好的银行业似乎会鼓励企业投资研发。我们发现,研发投资产生新专利的概率似乎更受公司治理的影响,而不是受银行发展的影响。结果表明,对于依赖外部融资的企业,银行发展对企业创新的影响并不大。在这种情况下,股票市场发展成为R&Dfinancing的驱动因素和公司治理仍然是基本的行列式oftransforming研发投资新专利。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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