Entry of foreign banks, state ownership, and corporate innovation

被引：16

作者：

Gu, Leilei ^{[1
]}

Ni, Xiaoran ^{[2
,3
]}

Peng, Yuchao ^{[4
,6
]}

Zhang, Huilin ^{[5
]}

机构：

[1] Cent Univ Finance & Econ, Business Sch, Beijing, Peoples R China

[2] Xiamen Univ, Sch Econ, Dept Finance, Xiamen, Fujian, Peoples R China

[3] Xiamen Univ, Wang Yanan Inst Studies Econ WISE, Xiamen, Fujian, Peoples R China

[4] Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China

[5] Beijing Normal Univ, Business Sch, Beijing, Peoples R China

[6] Cent Univ Finance & Econ, Belt & Rd Finance Inst, Beijing, Peoples R China

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2020年 / 61卷

基金：

美国国家科学基金会; 中国国家自然科学基金;

关键词：

Foreign Bank; State ownership; Corporate innovation; Emerging market; PRICE INFORMATIVENESS; FINANCIAL DEVELOPMENT; EMERGING MARKETS; FIRM INNOVATION; STOCK MARKETS; CREDIT; RISK; COMPETITION; GOVERNANCE; INSTITUTIONS;

D O I：

10.1016/j.pacfin.2020.101340

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study analyzes the impact of the entry of foreign banks on corporate innovation in China. Considering a group of A-share listed firms, we find that, compared to privately owned enterprises, the entry of foreign banks can significantly improve the level and quality of patent applications of state-owned enterprises. We further document that the entry of foreign banks can improve the information environment and curtail agency problems in such enterprises. Our evidence indicates that the entry of foreign banks can incentivize corporate innovation in an economy with strong government intervention and weak investor protection.

引用

页数：15

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