从繁文缛节到创新:市政府融资改革如何影响企业研发活动?

Kai Wu, Dingyao Guo
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引用次数: 0

摘要

我们以 2009 年至 2019 年的中国上市公司为样本,评估了市政府债务融资改革的外生冲击对企业创新的影响。结果表明,这项改革激发了企业的创新能力,而且对非国有企业和财务受限企业的影响更为明显。我们将这些结果归因于外部融资成本的降低和企业房地产投资的挤出效应。我们的结果对其他变量定义、模型规格和估算技术都是稳健的,并为市政府融资在企业创新中的作用提供了新的证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
From red tape to innovation: How does municipal government financing reform affect corporate R&D activities?
We evaluated the effect of an exogenous shock on municipal government debt financing reform on corporate innovation for a sample of Chinese‐listed firms from 2009 to 2019. The results show that this reform stimulates corporate innovation capacity, and the effect is more pronounced in non‐state‐owned and financially constrained firms. We attribute these findings to reduced external financing costs and the crowding‐out effect of a firm's real estate investment. Our results are robust to alternative variable definitions, model specifications, and estimation techniques and provide novel evidence concerning the role of municipal government financing in corporate innovation.
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