Enterprise Innovation, Government Subsidies, and Bank Loans: an Empirical Analysis from the Science and Technology Innovation Board of China

Yongmei Fang ()
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Yongmei Fang: South China Normal University

Journal of the Knowledge Economy, 2024, vol. 15, issue 4, No 131, 19104-19126

Abstract: Abstract This research explored the relationship between the innovation of high-tech enterprises and bank loans and the role of government subsidies between them. The pre-listing data of 415 high-tech enterprises was employed to examine the innovation’s ability to obtain bank loans on the Science and Technology Innovation Board (SSE STAR) Market and found that the enterprise innovation of high-tech enterprises can positively affect bank (short-term) loans scale of enterprises but does not significantly affect the scale of long-term loans. Further analysis showed that such an effect was due to the existence of a mediation effect of government subsidy, which facilitates high-tech companies to obtain bank loans. This research also found the heterogeneous effects of enterprise innovation in different types and in different industries on bank loans. This paper con- tributes to providing a new way to reduce the information asymmetry between the financing parties; The findings also suggest a new perspective of information disclosure for the financing of high-tech enterprises.

Keywords: Enterprise innovation; Bank loan; Government subsidy; Mediator effect (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s13132-023-01624-y

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