| Up to present,the entire world is undergoing great changes unseen in a century.Innovation has become a strong driving force for China to achieve national rejuvenation.The complex changes for China is adapted to an urgent requirement in the global environment simultaneously.As the main body of innovation,the improvement of the innovation efficiency by enterprise has been of profound significance for the national economic development.Meanwhile,the banking industry plays a totally important role in promoting the improvement of the innovation efficiency of the enterprises in China.Therefore,it is of profound importance to discuss how innovation efficiency of Chinese enterprises is influenced by the banking competition of China,which can promote the reform and optimization of the banking structure,improve the efficiency of technological innovation,as well as promote the financial industry to better serve the real economy.Based on the existing theory and literature research.The status of Chinese banking competition and enterprise innovation is combed by this paper at the first time.Meanwhile,the possible internal relationship is combed between Chinese banking competition and enterprise innovation efficiency.Secondly,the Hufendar-Herschmann Index(HHI)and Industry Concentration Index(CR3)is calculated by using the number of commercial bank branches in prefecture-level cities,the innovation efficiency of 734 listed manufacturing enterprises in China from 2015-2020 is studied by frontier analysis method(SFA).On this basis,the fixed effect model get used to empirically analyze the relationship between banking competition and innovation efficiency of manufacturing enterprises in China,it is also discussed in depth for different regions and different ownership of enterprises.The results show that(1)The innovation efficiency of China’s manufacturing enterprises is in a state of slow growth,and the overall innovation efficiency is not high.(2)Banking competition has a significant positive impact on the innovation efficiency of manufacturing enterprises.(3)From different regional levels,the innovation efficiency of manufacturing enterprises is promoted by banking competition in eastern China,however the innovation efficiency is not improved significantly in central、western and northeast in China.(4)From the perspective of different property rights of enterprises,the innovation efficiency of China’s private manufacturing enterprises is improved positively under the increasingly fierce competition in Chinese bank,but it doesn’t have a significant positive correlation with the innovation efficiency of state-owned manufacturing enterprises.Based on the above theoretical analysis and empirical test,the following policy suggestions is put forword by this paper from the following three aspects:(1)the regional differentiated development of banking market institutions should be realized and the bank credit market should be built which is most suitable for regional economic development.(2)The differentiation of financial service products should be enforced,the risk preference of credit institutions should be improved through emerging technologies,the flow of credit to enterprises must be promoted with high financing constraints and high innovation capacity.(3)The cooperation between enterprises and schools should be enforced,which can realize the sharing of resources,projects and talents,also promote the improvement of enterprise innovation efficiency. |
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