【摘要】 现有研究认为企业基于投机目的发放委托贷款会导致实体企业"脱实向虚",并抑制企业创新活动。与此不同,本文利用手工搜集的基于合作目的发放委托贷款的上市公司数据,考察了发放合作性质委托贷款对企业创新的影响及其作用机制。研究结论发现,企业基于合作目的发放委托贷款能够显著促进企业创新。机制检验发现,贷款企业通过发放合作性质委托贷款,促进技术知识等创新所需资源的共享交换,并通过提高客户质量、增加销售现金流,最终提升企业创新。进一步,在风险承担水平低、受到融资约束、投资机会较多以及无政治关联的公司,合作性质委托贷款对创新的促进作用也更显著。本文扩展了企业委托贷款问题的研究视野,丰富了企业合作与创新机制的研究文献。更多还原

【Abstract】 There are growing signs that enterprises grant entrusted loans for speculative purposes, which have been questioned since that will distract firms from their intended purpose and inhibit the innovation of enterprise.In contrast, using a sample of entrusted loans for cooperative purpose of listed companies, this paper finds that the increase of cooperative entrusted loans can promote corporate innovation.The higher degree of cooperation, the greater the impact on innovation.Furthermore, the cooperative entrusted loan can promote the sharing and exchange of resources, improve customer quality and increase sales cash flow, which could promote innovation activities.Further analyses show that the effects of cooperative entrusted loans on innovation are more significant on the firms with low level of risk-taking, high financing constraint, more investment opportunities and without political connection.This paper expands the research of the enterprise entrusted loan and the firm cooperation and innovation mechanism.更多还原