Bankruptcy reform and breakthrough innovation: Evidence from the quasi-experiment in China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-12 DOI:10.1016/j.frl.2024.106457

Xin Cui , Chunfeng Wang , Tingting Ma

引用次数: 0

Abstract

Using the quasi-natural experiment of staggered bankruptcy court establishment across China, this study examines the impact of bankruptcy reform on corporate breakthrough innovation. Results show that bankruptcy courts significantly facilitate breakthrough innovation, with particularly pronounced effects among firms in high-tech industries and competitive sectors, firms with prior innovation advantages, and non-state-owned firms. Mechanism analysis reveals that bankruptcy courts boost the supply of credit resources, especially long-term credit, providing stable financial support for technological breakthroughs. Additionally, stronger legal protection promotes R&D alliances, fostering breakthrough innovation.

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破产改革与突破性创新：来自中国准实验的证据

本研究通过在中国各地交错设立破产法院这一准自然实验，考察了破产改革对企业突破性创新的影响。结果表明，破产法院极大地促进了企业的突破性创新，尤其是对高科技产业和竞争性行业的企业、具有先期创新优势的企业以及非国有企业的影响更为明显。机制分析表明，破产法院促进了信贷资源尤其是长期信贷的供应，为技术突破提供了稳定的资金支持。此外，更有力的法律保护还能促进研发联盟，推动突破性创新。

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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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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