Using the panel data of our country's A-share high-tech enterprises from 2013 to 2020 as a sample to test the impact of short-term loans and long-term investments of high-tech enterprises on breakthrough innovation.Research shows that short-term loans and long-term investment of high-tech enterprises have a significant inhibitory effect on breakthrough innovation,and this inhibitory effect is more significant among non-state-owned and smaller enterprises in the eastern region.Mechanism research found that the scale of R&D investment,investment efficiency and production efficiency are three important channels for high-tech enterprises to influence breakthrough innovation through short-term loans and long-term investment.In addition,it is found that the defect of financial system is the reason why high-tech enterprises carry out short-term loans and long-term investment.Therefore,the government should expand the channels of direct financing,raise the level of interest rate liberalization,deepen the reform of the banking sector,so as to promote the breakthrough innovation of high-tech enterprises.
关键词
高新技术企业/短贷长投/突破式创新/金融制度缺陷
Key words
high-tech enterprises/short-term loans and long-term investment/breakthrough innovation/the shortcomings of the financial system
维普
万方数据