银行信贷、政商关系和小微企业创新

Bank Credit, Government and Business Relations and Innovation of Small and Micro Businesses

摘要: 本文利用2015年中国小微企业调查数据，系统性地研究了银行信贷、政商关系及小微企业创新之间的关系。研究结果发现，银行信贷资金支持和良好的政商关系都可以显著地提升小微企业的创新行为，且在拥有良好政商关系的小微企业中，银行信贷对企业创新的促进作用更强，解决内生性问题后以上结论依然成立。同时，本文继续研究了银行信贷对小微企业不同创新类型的影响，发现银行信贷显著提升了小微企业的研发总支出，但是对企业的自主研发支出影响并不显著；银行信贷对私营企业、创立型企业和独资企业的创新影响更加显著。基于此，应该进一步加强对小微企业的信贷支持，努力降低信贷市场上的资金歧视，保证小微企业有一个公平良好的竞争环境，从而促进小微企业可持续性的创新和发展。

Abstract: This article uses the data from the survey of small and micro enterprises in China in 2015 to ex-amine the impact of bank credit and government-business relations on the innovation of small and micro enterprises. Among small and micro enterprises, bank credit has a stronger role in promoting corporate innovation. After using instrumental variables to weaken possible endogenous problems, the above conclusions still hold. Further, this article studies the heterogeneous impact of bank credit on the innovation of small and micro enterprises. The research finds that bank credit promotes the total R & D expenditure of small and micro enterprises, but it does not have a significant impact on the independent research and development expenditure of banks; bank credit has a significant impact on private enterprises. The innovation impact of founding en-terprises and sole proprietorships is even more significant, therefore, to deepen the reform of the financial system, strive to reduce credit discrimination against small and micro enterprises, en-courage state-owned enterprises to get rid of innovation inertia, and promote innovation and sustainable economic development of small and micro enterprises.