Study Of Credit Allocation Bias And Innovation Capacity Of Manufacturing Enterprises

China’s economy has officially entered a new normal of slowing down growth.Under the background of the new normal,we need to innovate investment and financing methods,optimize and upgrade the industrial structure,and promote innovation-driven development.In recent years,China has deepened its supply-side reform to find a breakthrough in economic transformation.As the main body of innovation,enterprises need to constantly improve their technological level and product quality,so as to provide impetus for our country to build an innovative country and realize innovation drive.The innovation and R&D process of enterprises needs long-term and stable financial support,and the difficulty of financing and expensive financing has long plagued many private enterprises in China.Under the demand of "structural transformation and innovation-driven",it is of great significance for China’s economy to solve the problem of insufficient development funds that enterprises are facing widely.This paper takes the manufacturing industry as the research object,which is dominated by the real economy,and puts the research perspective on the micro-constituent enterprises of the manufacturing industry.It tries to analyze the influencing factors that affect the manufacturing enterprises’ access to credit funds,and explore the role of credit funds in the R&D process of manufacturing enterprises.Based on this research idea,besides the introduction and literature review,this paper includes the following contents: Firstly,from the theoretical point of view,it analyses the factors that may affect the bias of credit allocation inside and outside enterprises.Secondly,a transmission mechanism of the impact of credit allocation bias on innovation capability of manufacturing enterprises is constructed,and the role of credit funds in different periods is analyzed from the whole cycle of innovation R&D behavior.Thirdly,based on the empirical data of listed manufacturing enterprises in China from 2007 to 2017,this paper examines the signal basis chosen by credit providers in the process of credit allocation through credit allocation model,and studies the role of credit funds obtained by enterprises in promoting R&D innovation activities through the impact test model of enterprise innovation and R&D.Finally,according to the results of theoretical analysis and empirical test and combined with China’s specific national conditions,the corresponding policy discussion and research are carried out for the continuation of financial sector reform and the development of advanced manufacturing industry to build an innovative country.