Corporate innovation needs sustained and stable financial support,but Chinese enterprises mainly rely on short-term loans for external financing.Thus the impact of debt rollover on corporate innovation deserves attention.Based on a quasi natural experiment of bank loan rollover policy adjustment in 2007,the empirical study found that:(1)after the bank tightened the loan rollover policy,the innovation activities of enterprises that originally relied more on short-term loans did not decrease,but increased significantly,and the number of patents and invention patents increased by nearly 28％on average.(2)The channel test shows that after the bank tightened the loan rollover,the enterprises that originally relied more on short-term loans significantly increased long-term loans,the cost of debt was not significantly increased,the degree of financing constraints faced was significantly reduced,and the intangible capital investment of enterprises increased significantly.(3)However,the heterogeneity analysis shows that the above results are only significant in large enterprises and state-owned enterprises,which may cause by large enterprises and state-owned enterprises have strong bank loan negotiation ability.In summary,our results show that banks tighten the loan rollover to make enterprises turn to long-term loans,which is conducive to enterprise innovation,but in this process,we should pay more attention to the possible adverse impact on private small and medium-sized enterprises.
NETL
NSTL
万方数据
