| Technological innovation is an important source of economic growth and a key factor for enterprises to form competitiveness and maintain their competitive advantages.As China’s economic growth model changes from high-speed growth to high-quality development,it is necessary to enhance core innovation capabilities to promote the reform of economic development quality,efficiency and power.Under the innovation-driven development strategy,China’s innovation ability and level have been continuously improved.It’s innovation index scored 53.28 in 2020,ranking 14 th in the world for two consecutive years.Moreover,the R&D expenditure of the whole society accounts for more than 2.2% of GDP and there are about 1307 full-time researchers per million population.Although China is the only middle-income economy in the top 30 innovation scores,there is still a clear innovation gap compared with the world’s high-income economies in terms of innovation level.Therefore,as the main body of technological innovation,enterprises should actively respond to the call of “Double innovation”,strengthen independent innovation,promote industrial transformation and upgrading,and focus on the implementation of innovation.In this way,we can finally realize the transformation of economic growth from extensive to innovation-driven.Technological innovation is not only dependent on the institutional environment,but also affected by corporate financing.At the 2019 National Science and Technology Awards Conference,it was clearly pointed out that market-oriented methods reduce the institutional cost of enterprise innovation and draw institutional dividends.Besides,the current financial market is not perfect.Bank financing is still an important channel for external financing of enterprises,which is mainly in the form of mortgage loans.Due to information asymmetry,bounded rationality and opportunism,the execution of financial contracts between banks and enterprises is incomplete.Moreover,commercial banks cannot obtain residual control rights of enterprises through vertical integration,which is resulting in insufficient incentives for banks to lend and enterprises falling into financing difficulties.Therefore,taking the credit contract between banks and enterprises as the research object,and the corporate mortgage behavior in external financing as the link,it discusses technological innovation from the perspective of the institutional environment represented by financial contract enforcement.It has important practical significance for alleviating financing difficulties,promoting enterprise R&D innovation and accelerating the transformation of enterprises to high quality and high efficiency.In the theoretical part,this paper discusses the logical relationship among financial contract enforcement,mortgage and technological innovation.Then,it analyzes the mathematical model from the perspective of capital elements combined with the input-output production function.Through the analysis of the investment and financing behavior of the surplus(financial sector)and the shortage(enterprise sector),the core research hypothesis that financial contract enforcement reduces the bank’s mortgage requirements,enhance enterprise R&D capital investment,and then promotes the Enterprise technological innovation is put forward.In addition,financial contract enforcement has a heterogeneous impact on the technological innovation of enterprises.In order to verify the above propositions,the empirical part of this paper collects and sorts out the patent and financial data of more than 2,000 A-share listed non-financial enterprises and the court settlement data of 31 provinces from 2008 to 2020,and describes the technological innovation capability from the three perspectives of innovation input,output and efficiency.Through a variety of measurement methods such as Two-way fixed effects,Stepwise regression,Sobel test,IV-2SLS and etc.,it conducts a more in-depth and systematic analysis of the impact mechanism of financial contract enforcement,mortgage and technological innovation.Then,it gets the empirical results.Firstly,financial contract enforcement has a positive relationship with the input,output and efficiency of technological innovation.Besides,the influence of output is greater than input.Secondly,the model has a significant mediating effect,and corporate mortgage is a mediating variable.Higher financial contract enforcement enhances corporate mortgage capabilities by reducing bank’s mortgage requirements,thereby promoting technological innovation.Thirdly,the heterogeneity analysis after dividing the samples according to different regions,sizes and property rights still shows that financial contract enforcement has a positive impact on the input,output and efficiency of technological innovation.Compared with the eastern region,The effect of financial contract enforcement on technological innovation is more significant in the central and western regions.Moreover,financial contract enforcement has a greater impact on the mortgage capacity of non-state-owned enterprises than state-owned enterprises.Besides,compared with large enterprises,the impact of mortgage on technological innovation of small and medium-sized enterprises is more obvious.Finally,in order to improve the reliability of the empirical results,the model is subjected to alternative interpretation regression and endogenous test,which also shows that improving financial contract enforcement has a significant positive effect on technological innovation.According to the empirical results,this paper puts forward three suggestions.Firstly,improve financial contract enforcement,and then give full play to the advantages of the system to promote technological innovation.Secondly,optimize the mortgage system to stimulate the innovation vitality of market players.Thirdly,promote balanced and coordinated development,narrow the gap in the external financing environment among regions and enterprises,and then improve the overall ability of technological innovation in society. |
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