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民营制造业拥有较强的创新热情和创新能力,但同时也面临着严重的融资约束和信贷歧视.基于此,本文采用A股民营制造业上市公司数据,从银企关联的视角实证检验了不同期限结构的融资性负债对企业研发投资的影响.研究发现:银企关联的存在明显削弱了短期、长期负债对于研发投资的约束,且对长期融资性负债的作用更为显著;进一步区分银企关联结构的检验发现,相对于高管关联,持股关联在其中的作用更显著,且对于小型公司、高科技公司及金融生态环境较差地区公司的影响更大.特别地,我们还发现建立持股关联的小型公司、高科技公司,其短期负债的约束作用同样被显著削弱.本文的研究结论更加深入地阐释了银企关联在中国民营企业创新中的重要作用,为这种非正式制度对市场化的替代作用及其合理性提供了证据支持,并丰富了金融发展、融资约束与企业创新领域的研究视角及相关文献.
Private manufacturing has a strong enthusiasm for innovation and innovation, but it also faces serious financing constraints and credit discrimination.Based on this, this paper uses the data of A-share private-owned manufacturing listed companies to test the difference from the perspective of bank-enterprise association Term debt financing impact on corporate R & D investment.The study found that: the existence of bank-enterprise association significantly weakened the short-term, long-term debt constraints on R & D investment, and the role of long-term financing liabilities more significant; The test of the correlation structure shows that the shareholding association plays a more significant role than the executive relations and has a greater impact on the small-sized companies, the high-tech companies and the companies in the regions with poorer financial ecological environment.In particular, we also found that the establishment Small-company and high-tech companies with shareholding are also significantly weakened by the constraint of short-term liabilities.The conclusion of this paper further explains the important role of the association between banks and enterprises in the innovation of private-owned enterprises in China. For this informal system Provide evidence support for the market-based substitution effect and its rationality, and enrich the financial development, financing constraints and enterprises Innovation in the field of research perspectives and literature.