Export,Financial Constraints And Enterprise Innovation

Innovation is the internal driving force for economic growth.Continuous and sufficient capital investment is the key factor affecting a company's innovation probability and R&D investment decision-making.Due to the information asymmetry,insufficient collateral assets and high uncertainty in the process of innovation,enterprise innovation often faces financial constraints.Studies have shown that export behavior can release a signal that the company has good qualifications.So can export indirectly promote enterprise innovation by easing corporate finance?First of all,based on the World Bank Enterprise Survey Data,this paper makes a statistical description and analysis of the samples and finds that the enterprises with good financial environment have more motivation to participate in innovation and invest more in R&D.While the export behavior of enterprises can directly promote the innovation of enterprises,it can also help enterprises to increase the probability of obtaining bank loan quota.Then,the paper uses whether the enterprise has bank loan quota as an agent variable to measure the degree of financial constraints on enterprises.The export behavior and export density are used to measure the export of enterprises,and the financial constraint is regarded as the intermediary variable to study the problem of export and enterprise innovation.The Logit model and the Heckman model were used to explore the impact of export and financial constraints on Chinese enterprise innovation.The results show that:(1)A good financial environment has a significant positive impact on corporate innovation activities;(2)Export behavior has a direct positive effect on corporate innovation activities,and can alleviate corporate financial constraints and indirectly increase the probability of enterprises participating in innovation;(3)The increase of export density will hinder enterprise innovation;(4)The impact of enterprise exports on innovation will be different in different ownership enterprises.Export behavior can directly promote the innovation of state-owned enterprises,in non-state-owned enterprises,in addition to directly promoting enterprises to expand R&D investment,but also indirectly improve the willingness of enterprises to innovate by alleviating financial difficulties.In addition,the inhibitory effect of export density on enterprise innovation only exists in non-state-owned enterprises.After weakening endogenous problems through the PSM method,the above conclusions remain robust.Therefore,the government should further encourage enterprises to participate in export trade,give export enterprises more comprehensive financing support,reduce the export proportion of low value-added processing trade,and ensure the level of competition in the banking industry,improve the allocation efficiency of loan resources,and strengthen the protection of related intellectual property rights to protect the innovation results of enterprises.Enterprises,especially non-state-owned enterprises,should actively participate in export trade to release positive signals,alleviate the financial problems of enterprises,and at the same time improve their ability of independent innovation in the process of meeting international consumers.Enterprises should attach importance to their own commercial credit,alleviate the degree of information asymmetry with investors,and improve their own credit rating.