债权人保护如何促进企业研发：中国互联网司法拍卖的启示

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-11-19 DOI:10.1016/j.pacfin.2024.102592

Yunqing Tao , Qiaochu Wang , Jinqiang Yang , Yongwei Ye

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引用次数: 0

摘要

本文研究了加强债权人保护是否会影响企业研发。我们的识别策略是将中国的网络司法拍卖（IJA）作为债权人保护的外生冲击，然后采用交错差分法（DID）进行估计。结果表明，网络司法拍卖显著增加了企业的研发投入。机理分析表明，IJA 通过降低贷款成本和改善贷款规模提高了企业的贷款可得性，最终导致研发投资的增加。此外，这种促进效应在非国有企业、资本密集型行业企业和竞争激烈行业企业中更为明显。进一步的分析表明，国际司法评估可以提高企业的专利产出、生产力和运营效率。总之，我们的研究结果表明，通过 IJA 加强债权人保护可以促进企业的研发投资。

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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How creditor protection stimulates corporate R&D: Insights from internet judicial auctions in China

This paper investigates whether strengthened creditor protection affects corporate R&D. Our identification strategy treats China's Internet judicial auction (IJA) as an exogenous shock to creditor protection and then adopts a staggered difference-in-differences (DID) estimation. The results show that IJA significantly increase corporate R&D. Mechanism analysis indicates that IJA increase loan availability of firms by lowering loan costs and improving loan scale, finally leading to an enhancement in R&D investment. In addition, this promotion effect is more pronounced among non-state-owned firms, firms in capital-intensive industries, and firms in highly competitive industries. Further analysis suggests that IJA can improve firms' patent output, productivity, and operational efficiency. Overall, our findings show that strengthening creditor protection through IJA can enhance corporate R&D investment.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.