Can Corporate Bond Issuance Promote Innovation Output?
This paper takes A-share listed companies in China from 2006 to 2021 as a sample to explore how the initial issuance of bonds by enterprises affects their innovation level.Research has found that initial issuance of bonds by enterprises can significantly enhance their innovation level.Mechanism analysis shows that bond issuance can improve enterprises innovation by establishing alternative financing chan-nels to ease financing constraints,extend the overall debt maturity,and improve the level of information disclosure.Further research has found that 1)After controlling the subsequent bond issuance behavior of enterprises,the relationship between public bond issuance and en-terprise innovation still exists.2)Compared to corporate bonds,when a company issues medium-term notes and enterprise bonds for the first time,the innovation level of the company improves more significantly.3)When a company issues bonds for the first time,the higher the credit rating of the bonds and the lower the issuance interest rate,the more significant the improvement in the innovation level of the company.The research of this article enriches the research on the economic consequences of the bond market,and also provides suggestions from the bond market for innovative development of enterprises and achieving high-quality economic development.
bond issuanceenterprise innovationalternative financing channeldebt maturity structureinformation disclosurebond credit rating
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