债务展期、期限结构与企业创新  

Debt Rollover,Maturity Structure,and Corporate Innovation

作　　者：边鹏[1] 钱军 顾研 PENG BIAN;JUN QIAN;YAN GU(China Construction Bank;Fudan University)

机构地区：[1]中国建设银行研修中心(研究院) [2]复旦大学泛海国际金融学院

出　　处：《产业经济评论》2024年第1期174-188,共15页Review of Industrial Economics

摘　　要：企业创新需要持续稳定的资金支持,但中国企业融资主要依赖的银行贷款却是以短期贷款为主,故债务展期对企业创新的影响尤其值得关注。利用2007年银行贷款展期政策调整的准自然实验,本文实证研究发现:(1)银行收紧贷款展期政策后,原本更依赖短期贷款的企业创新活动不仅未有减少,反而明显增加,专利申请和发明专利申请数量平均增长了近28%。(2)渠道检验显示,银行收紧贷款展期后,原本更依赖短期贷款的企业显著增加了长期贷款且债务融资成本并未显著提高,面临的融资约束程度明显降低,无形资本投资明显增加。(3)异质性检验结果显示,上述现象仅出现在大企业和国有企业,这可能是因为大企业和国有企业有较强的贷款谈判能力。总之,本文的研究结论表明,银行收紧贷款展期使企业从短期贷款转向长期贷款,融资稳健性的提升有利于企业创新,但在此过程中要特别重视可能对民营中小企业的不利冲击。Corporate innovation needs sustained and stable financial support,but Chinese enterprises mainly rely on short-term loans for external financing.Thus the impact of debt rollover on corporate innovation deserves attention.Based on a quasi natural experiment of bank loan rollover policy adjustment in 2007,the empirical study found that:(1)after the bank tightened the loan rollover policy,the innovation activities of enterprises that originally relied more on short-term loans did not decrease,but increased significantly,and the number of patents and invention patents increased by nearly 28%on average.(2)The channel test shows that after the bank tightened the loan rollover,the enterprises that originally relied more on short-term loans significantly increased long-term loans,the cost of debt was not significantly increased,the degree of financing constraints faced was significantly reduced,and the intangible capital investment of enterprises increased significantly.(3)However,the heterogeneity analysis shows that the above results are only significant in large enterprises and state-owned enterprises,which may cause by large enterprises and state-owned enterprises have strong bank loan negotiation ability.In summary,our results show that banks tighten the loan rollover to make enterprises turn to long-term loans,which is conducive to enterprise innovation,but in this process,we should pay more attention to the possible adverse impact on private small and medium-sized enterprises.

关 键 词：债务展期 期限结构 企业创新 民营企业 中小企业 

分 类 号：F832.4[经济管理—金融学] F273.1