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| Loan Term Structure and Innovation: Micro Evidence from China |
| ZHANG Jie |
| Economic Reform and Development Research Institute of China, Renmin University of China |
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Abstract: Based on the theoretical hypothesis of financial functionalism, this paper empirically tests the characteristics of short-term loan oriented loan term structure of financial institutions in various provinces and regions of China, and the possible impact and internal mechanism on innovation investment of regional micro enterprises. The empirical findings of robustness are as follows: on the one hand, the term structure of short-term-oriented and medium-term-oriented loans of financial institutions in the Chinese context has a positive incentive effect on innovation investment of micro enterprises, which verifies the applicability of the theoretical hypothesis of short-term-loan-oriented risk governance mechanism of financial institutions in the Chinese context. On the other hand, we designed an industry external financing dependence index that conforms to the characteristics of China's current development, and found that the short-term loan oriented loan term structure of financial institutions has a negative blocking effect on the innovation investment of micro enterprises in industries with relatively higher external financing dependence. We validated the applicability of the matching theory hypothesis between the loan term structure of the financial system and enterprise innovation investment in the Chinese context.
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Received: 22 January 2023
Published: 15 April 2023
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| [1] |
. [J]. Journal of Business Economics, 2023, 43(5): 43-60. |
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2023, Vol. 43 
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