Do credit market accessibility and legal protection shape corporate innovation?

被引：2

作者：

Shen, Danlin ^{[1
]}

Chen, Carl R. ^{[2
]}

Yan, Xinyan ^{[2
]}

Yi, Zhihong ^{[3
]}

机构：

[1] China Univ Min & Technol Beijing, Sch Management, Dept Accounting, Beijing, Peoples R China

[2] Univ Dayton, Dept Econ & Finance, 300 Coll Pk, Dayton, OH 45469 USA

[3] Renmin Univ China, Renmin Business Sch, Dept Finance, Beijing, Peoples R China

来源：

JOURNAL OF FINANCIAL RESEARCH | 2022年 / 45卷 / 03期

基金：

中国国家自然科学基金;

关键词：

INTELLECTUAL PROPERTY-RIGHTS; SHARE STRUCTURE REFORM; INSTITUTIONAL ENVIRONMENT; FINANCIAL CONSTRAINTS; COMPARING PREDICTORS; DOMINANCE ANALYSIS; OWNERSHIP; LAW; INFORMATION; STATE;

D O I：

10.1111/jfir.12297

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effects of credit market accessibility and legal protection on corporate innovation in a pseudo-multinational setting at the firm level, emphasizing the channels through which corporate innovation is affected. A horse race suggests that credit market accessibility facilitates innovation more than legal protection does. Credit market accessibility promotes innovation by alleviating financial constraints through reduced bank loan costs, larger bank loans, and more long-term loans. Consistent with our reasoning, the effects are greater for private enterprises than for state-owned firms.

引用

页码：719 / 754

页数：36

共 64 条

[1] Information asymmetry, R&D, and insider gains
Aboody, D
Lev, B
[J]. JOURNAL OF FINANCE, 2000, 55 (06) : 2747 - 2766
[2] State Capacity and Economic Development: A Network Approach
Acemoglu, Daron
Garcia-Jimeno, Camilo
Robinson, James A.
[J]. AMERICAN ECONOMIC REVIEW, 2015, 105 (08) : 2364 - 2409
[3] Labor Laws and Innovation
Acharya, Viral V.
Baghai, Ramin P.
Subramanian, Krishnamurthy V.
[J]. JOURNAL OF LAW & ECONOMICS, 2013, 56 (04) : 997 - 1037
[4] Bankruptcy Codes and Innovation
Acharya, Viral V.
Subramanian, Krishnamurthy V.
[J]. REVIEW OF FINANCIAL STUDIES, 2009, 22 (12) : 4949 - 4988
[5] Distance and Private Information in Lending
Agarwal, Sumit
Hauswald, Robert
[J]. REVIEW OF FINANCIAL STUDIES, 2010, 23 (07) : 2757 - 2788
[6] Markets and institutions in financial intermediation: National characteristics as determinants
Aggarwal, Raj
Goodell, John W.
[J]. JOURNAL OF BANKING & FINANCE, 2009, 33 (10) : 1770 - 1780
[7] Innovation and Institutional Ownership
Aghion, Philippe
Van Reenen, John
Zingales, Luigi
[J]. AMERICAN ECONOMIC REVIEW, 2013, 103 (01) : 277 - 304
[8] Law, finance, and economic growth in China
Allen, F
Qian, J
Qian, MJ
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2005, 77 (01) : 57 - 116
[9] Credit supply and corporate innovation
Amore, Mario Daniele
Schneider, Cedric
Zaldokas, Alminas
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2013, 109 (03) : 835 - 855
[10] Anton JJ, 2006, INNOV POLICY ECON, V6, P1

← 1 2 3 4 5 6 7 →