Study on External Financing Structure Effects on Innovation Mechanism of Private Enterprises

Abstract

Abstract:

Different from the previous researches about financing issue of private enterprises, this paper shifts the perspective from internal financing to external financing structure, mainly to explore the relationship between the degree of dependence on banks and the innovation ability of enterprises in the form of external financing process. Taking the 2010 China enterprise entrepreneurs questionnaire survey database as a sample of empirical analysis, the results show that private enterprises more dependent on banks are more likely to be inhibited in terms of innovation ability. In particular, in the high-tech industry, the negative effect that banks pose on enterprises' innovation ability is more obvious due to the high risk characteristics of high-tech enterprises and their asymmetry. However, with much higher shareholding ratio of the non-bank financial institutions, the negative relationship between the dependence on banks and the innovation ability of the private enterprises has eased to some extent. Finally, this paper provides some corresponding policy recommendations with the purpose of helping private enterprises to reduce dependence on banks, and weaken the dependent effects on enterprise's innovation ability.

Key words: financing structure, private enterprises, financing channel, innovation ability

Zhang Jinhua, He Xuan, Li Xinchun. Study on External Financing Structure Effects on Innovation Mechanism of Private Enterprises[J]. , 2016, 28(4): 98-108.

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