Credit corruption, financial constraint and corporate innovation: Evidence on China

被引：18
|
作者：
Zhao, Meiyu [1 ]
Zhang, Bo [2 ]
机构：
[1] Everbright Prestige Capital Asset Management Co Lt, Beijing 100034, Peoples R China
[2] Oriental Digital Technol Beijing Co Ltd, Beijing 100016, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 53卷
关键词：
Credit corruption; Financial constraints; Firm innovation; R & D investment intensity;
D O I：
10.1016/j.frl.2023.103658
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the casual effects of credit corruption and financial constraints on firms' innovation activities, by using a unique data from the 2012 World Bank micro survey on Chinese firms. The results show that both the credit corruption and financial constraints significantly inhibit corporate innovation, and the financial constraints have more pronounced inhibitory ef-fect on the innovation in firms with credit corruption. In addition, the credit corruption reinforces the inhibitory effect of financial constraints on the innovation in SMEs, private firms, capital -intensive firms, and firms with lower regional financial development.
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页数：9
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