Private Firms'Financing Structure and Innovation Decisions——The Evidences of Data From the World Bank's Corporate Survey
This paper analyzes the relationship between the financing structure of private enterprises and innovation decision-making using the firm survey data provided by the World Bank.The results show that:Firstly,diversified external financing can enhance the innovation intensity of enterprises and promote the innovation decision of enterprises,that is,improve the innovation of enterprises from the two dimensions of intensive margin and extended margin;Secondly,external financing has a different impact on different types of innovation.Compared with breakthrough innovation such as invention,external financing has a more significant promotion effect on progressive innovation such as adoption and dissemination.The heterogeneity analysis results show that enterprises with lower technical level are more inclined to adopt such progressive innovation and rely on bank financing,while enterprises with higher technical level are more inclined to adopt breakthrough innovation such as invention and rely more on financing support from non-bank financial institutions.In countries with a higher level of financial development,external financing through market channels is more able to promote enterprise innovation,while in countries with relatively backward financial development,external financing through intermediary channels is the main source of capital for enterprise innovation.Finally,the paper provides recommendations for companies,financial institutions and governments to restructure private finance and promote innovation.
Private EnterpriseFinancing StructureInnovation DecisionWorld Bank
NETL
NSTL
万方数据
