| Innovation is the key factor to promote our economic development,and enterprises are the basic carrier to realize innovation.Among them,innovative and entrepreneurial enterprises focusing on high-tech research and development are the vanguard force of scientific and technological innovation in China.In order to support the development of innovative and entrepreneurial enterprises,China Securities Regulatory Commission introduces a new type of corporate bond sub-variety--"innovation and enterprise bond",which builds a bridge between innovative and entrepreneurial enterprises and the bond market."innovation and enterprise bond" has a clear target of service,a quick declaration and review,and has solved the financing difficulties of innovative and entrepreneurial enterprises.At present,the scale of the "innovation and enterprise bond" market has been significantly increased,but the growth rate has not met expectations.The high financial risk of innovative enterprises not only brings concerns to the management of enterprises,but also affects the confidence of market investors.On the other hand,whether bond financing can promote enterprise innovation is still controversial in the academic circle,and the issuance of more special objects of "innovation and enterprise bond" also needs to be further discussed.Based on this,this paper focuses on the impact of the issuance of "innovation and enterprise bond" on enterprise innovation.First of all,this paper has read and sorted out relevant literature,and summarized the related theories and mechanisms of bond financing affecting enterprise innovation.Then,this paper presents the general situation of Double and innovative Bond issue in our country and introduces the related concept.In the process of empirical research,this paper selects the "innovation and enterprise bond" issuing enterprises from 2016 to2021 as the research sample,and selects the non-issuing bond enterprises in the same industry from the innovation layer of the New Third Board as the control group.At the same time,in order to measure innovation performance with more universality and consistency,this paper selects the number of valid patent applications of sample enterprises manually collected from the national Patent Office,covering invention,utility model and design patent types.In terms of model selection,this paper adopts propensity score distribution model to control sample selection bias,and tests the policy net effect of issuing "innovation and enterprise bond" by means of multi-period differential model.In addition,based on the difference of enterprises’ innovation enthusiasm,this paper differentiates the samples according to whether enterprises have obtained the recognition of "Specialized and New",and carries out the heterogeneity analysis.Then the robustness test was carried out by changing the explained variables.This paper finds that the issuance of "innovation and enterprise bond" can significantly increase the number of effective patent applications in the future year,and the positive effect is more obvious when the enterprise have obtained the recognition of "Specialized and New",thus verifying the supporting role of "innovation and enterprise bond" on enterprise innovation performance.Based on the research conclusions,this paper puts forward suggestions from multiple perspectives,pointing out that government departments should strengthen publicity and support,strive to expand the scale of the "innovation and enterprise bond" market,and improve the risk prevention mechanism;Secondly,this paper emphasizes the importance of improving the credit increasing mechanism in view of the problem of insufficient participation of intermediary institutions.Finally,this paper puts forward the call to increase the enthusiasm of investors,and suggests that the regulatory authorities properly adjust the investment threshold of "innovation and enterprise bond" and optimize the structure of market investors.The research in this paper can provide some empirical support for the development of "innovation and enterprise bond" products,encourage innovative and entrepreneurial enterprises to issue "innovation and enterprise bond",and make more reasonable financing decisions. |
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