Research On The Impact Of Credit Term Structure On Enterprise R&D Innovation

Innovation is an important driving force leading economic development,and China has always taken the promotion of technological innovation as the top priority,encouraging enterprises to carry out independent research and development and innovation,and improving the overall innovation quality and innovation efficiency.The R&D and innovation of enterprises are inseparable from continuous and stable capital investment,and external financing is the main source of enterprise funds.China’s bank-based financial market is relatively well-developed,credit financing is an important channel for enterprise capital sources,combined with other financing methods,it provides a lot of funds for enterprise research and development activities.It is worth noting that due to the impact of the epidemic,many enterprises have the problem of extended payment period and increased pressure on capital turnover,and the short-term credit term is the financing dilemma that enterprises are increasingly exposed in innovation activities,and the contradiction between the long-term demand for R&D funds of enterprises has become an important factor restricting the active R&D and innovation of some enterprises.Revealing the influence relationship and mechanism between credit term structure and enterprise R&D innovation will be conducive to financial support for real enterprises to improve the quality and efficiency of R&D investment.It is an effective way to improve the quality and level of R&D and innovation of financial empowerment enterprises.The existing literature mainly focuses on analyzing the impact of economic policy environment,digital finance development,and debt financing scale on enterprise R&D innovation.Under the background of building an innovationoriented national goal,it is necessary to further reveal the influence of credit term structure on enterprise R&D and innovation,and explore the mechanism of credit term structure on enterprise R&D innovation.In order to further reveal the relationship between credit term structure and enterprise R&D innovation,based on the data of domestic A-share listed companies from 2007 to 2020,this paper constructs a two-way fixed-effect model to reveal the influence of credit term structure on enterprise R&D and innovation based on the measurement of credit term structure based on existing literature.In terms of mechanism,this paper tests the mediating effect and regulation mechanism,which supplements the existing research.At the same time,this paper uses sub-sample regression to illustrate the heterogeneity of the influence effect of credit term structure in different equity properties.The empirical results show that:(1)The long-term structure of credit has a significant positive effect on enterprise R&D innovation.The extension of the credit term structure will directly affect the capital allocation behavior of enterprises,which is conducive to the R&D investment of enterprises and the credit funds used in terms of term,and significantly improves the level of R&D investment and innovation ability of enterprises.(2)Financing constraint is an important channel for the credit term structure to affect the R&D and innovation of enterprises.The intermediary effect model shows that the long-term credit term structure eases the financing constraints of enterprises,increases the availability of credit,and is conducive to improving the R&D investment and innovation performance of enterprises.(3)Government subsidies and regional financial development level are important adjustment mechanisms for the relationship between the impact of credit term structure on enterprise R&D investment.The model estimation results show that more government subsidies will weaken the positive effect of long-term credit term structure on enterprise R&D investment,and the improvement of regional financial development level can strengthen the positive promotion effect of long-term credit term structure on enterprise R&D innovation.(4)Further discussion and analysis show that the impact effect of long-term credit term structure has a more significant positive effect on the R&D and innovation of non-state-owned enterprises and non-high-tech enterprises,and the long-term credit term structure is conducive to reducing the degree of short-term loans and long-term investment.According to the research conclusion,enterprises need to optimize the credit term structure and give full play to the advantages of long-term borrowing period,banks and other financial institutions should continuously improve their risk-bearing capacity,increase the proportion of long-term credit,and promote the improvement of enterprise R&D and innovation level.The innovation of this paper lies in the fact that,based on the unbalanced panel data of2403 domestic A-share enterprises from 2007 to 2020,a two-way fixed-effect model is constructed to study the impact of credit term structure on R&D investment and innovation output of enterprises.On this basis,it is found that financing constraints are an important channel for the credit term structure to affect the R&D and innovation of enterprises.At the same time,it is found that government subsidies and regional financial development level are important adjustment mechanisms.This study enriches the understanding of the mechanism of term structure on the mechanism of enterprise R&D innovation,and can provide an empirical reference for improving the real economy of financial services and improving the level of R&D innovation.