Will Short-term Loans and Long-term Investment Inhibit Breakthrough Innovation of Enter-prises?
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.
high-tech enterprisesshort-term loans and long-term investmentbreakthrough innovationthe shortcomings of the financial system
万方数据
维普
