Enterprise Innovation Source:the Credit Market or the Stock Market

Abstract

Abstract: From 1999 to 2009 using the unbalanced panel data of China industrial enterprises as the research sample, build Heckman selection model to investigate the mechanism of action of the credit market, stock market and the influence factors of enterprise innovation. Study conclusion shows that the credit market development have to improve enterprise innovation in probability, reduce the scale of enterprise innovation double-edged function; Stock market development innovation participation and the scale of the enterprise has positive role; The credit market and stock market innovation of state-owned enterprises to participate in the development of private enterprises and collective enterprises, promoting effect is greater than the size of its innovation is smaller than the effect of private enterprises and collective enterprises; Credit market, stock market innovation in high technology industry and promote innovation scale were greater than the general industrial, dependent on high financing industry innovation participation and size of not less than the general industrial and low financing dependent industries.

Key words: enterprise innovation, the stock market, the credit markets, heckman selection model

CLC Number:

F832
F425

LIU Pei-sen, LI Hou-jian. Enterprise Innovation Source:the Credit Market or the Stock Market[J]. , 2016(02): 37-50.

References

[1] Porter, M. Capital disadvantage:America's failing capital investment system[J]. Harvard Business Review, 1992, 70:65-82.

[2] 王文春,荣昭.房价上涨对工业企业创新的抑制影响研究[J].经济学(季刊),2014(2):465-490.

[3] 周亚虹,贺小丹,沈瑶.中国工业企业自主创新的影响因素和产出绩效研究[J].经济研究,2012(5):107-119.

[4] Hsu, P. H., Tian, X., Xu, Y. Financial development and innovation:Cross-country evidence[J]. Journal of Financial Economics, 2014, 112:116-135.

[5] Levine R., Finance and growth:theory and evidence[J]. Handbook of economic growth, 2005, 1:865-934.

[6] Kim W, Weisbach M S. Motivations for public equity offers:An international perspective[J]. Journal of Financial Economics, 2008, 87(2):281-307.

[7] Amore, M. D., Schneider, C., ?aldokas, A. Credit supply and corporate innovation[J]. Journal of Financial Economics, 2013, 109(3):835-855.

[8] Aghion P, Howitt P. The economics of growth[M]:MIT Press, 2009.

[9] Benfratello, L., Schiantarelli, F., Sembenelli, A. Banks and innovation:micro econometric evidence on Italian firms[J]. Journal of Financial Economics, 2008, 90:197-217.

[10] Aghion, P., Bloom, N., Blundell, R., Griffith, R., Howitt, P. Competition and innovation:an inverted-U relationship[J]. Quarterly Journal of Economics, 2005, 120:701-728.

[11] Beck, T., Levine, R. Industry growth and capital allocation:does having a market-or bank-based system matter?[J].Journal of Financial Economics, 2002, 64:147-180.

[12] Brown, J., Martinsson, G., Petersen, B. Do financing constraints matter for R&D?[J]. European Economic Review, 2012, 56:1512-1529.

[13] Morck, R., Nakamura, M. Banks and corporate control in Japan[J]. Journal of Finance, 1999, 54:319-339.

[14] Josh Lerner, Morten Sorensen, Per Strömberg. Private Equity and Long-Run Investment:The Case of Innovation[J].Journal of Finance, 2011, 66(2):445-477.

[15] Stein J C. Information production and capital allocation:Decentralized versus hierarchical firms[J].Journal of Finance, 2002, 57(5):1891-1921.

[16] Hellwig, M. Banking, financial intermediation, and corporate finance. In:Giovanni, A. (Ed.)[M].European Financial Integration, Cambridge University Press, Cambridge, 1991:35-63.

[17] Rajan, R.G., Zingales, L. Financial dependence and growth[J]. American Economic Review, 1998, 88:559-586.

[18] Acharya, V., Subramanian, K. Bankruptcy codes and innovation[J]. Review of Financial Studies, 2009, 22:4949-4988.

[19] Das, S., Roberts, M. J., Tybout, J. R. Market entry costs, producer heterogeneity, and export dynamics[J]. Econometrica, 2007, 75(3):837-873.

[20] 张会清,唐海燕.人民币升值、企业行为与出口贸易——基于大样本企业数据的实证研究:2005-2009[J].管理世界,2012(12):23-34.

[21] Heckman, J. Sample Selection Bias as a Specification Error[J]. Econometrica, 1979, 47(1):153-161.

[22] Cornaggia, J., Mao, Y., Tian, X., Wolfe, B. Does banking competition affect innovation[J]. Journal of Financial Economics, 2015,115(1):189-209.

[23] Chava, S., Oettl, A., Subramanian, A., Subramanian, K. V. Banking deregulation and innovation[J]. Journal of Financial Economics, 2013, 109(3):759-774.

[24] Acs Z J, Audretsch D B. Innovation in large and small firms:an empirical analysis[J]. The American Economic Review, 1988:678-690.

[25] Jaffe A.B. Real effects of academic research[J]. American Economic Review, 1989, 79:957-970.

[26] Scherer F M. Firm size, market structure, opportunity, and the output of patented inventions[J]. The American Economic Review, 1965:1097-1125.

[27] Love I. Financial development and financing constraints:International evidence from the structural investment model[J]. Review of Financial studies, 2003, 16(3):765-791.

[28] Allen, F., Qian, J., Qian, M. Law, finance, and economic growth in China[J]. Journal of financial economics, 2005, 77(1):57-116.