当代经济管理2025，Vol.47Issue(9)：85-96,12.DOI:10.13253/j.cnki.ddjjgl.2025.09.010
金融地理结构是否影响了企业研发创新
Does the Financial Geographic Structure Affect Corporate Research and Development Innovation—From the Perspective of Bank Distance and Distribution Quantity
摘要
Abstract
Taking Shanghai and Shenzhen A-share listed enterprises from 2009 to 2021 as a sample,this paper constructs financial geographic structure variables based on the distance between banks and enterprises and the number of bank branches around enterprises,and explores their impact on R&D innovation of micro enterprises.It is found that the phenomenon of"clustering"of bank branches around enterprises will lead to unbalanced allocation of financial resources,thus restraining the R&D innovation of enterprises.The mechanism test based on financing constraints and excessive debt shows that although an increase in the number of bank branches can alleviate corporate financing constraints,it can also easily lead to excessive debt,increase financial risks and bankruptcy costs,and reduce R&D innovation expenditures with long cycles and high risks.Therefore,it is necessary to deepen the financial supply side reform and optimize resource allocation to promote enterprise research and development innovation.Based on heterogeneity testing,it was found that the number of bank branches in the vicinity of enterprises has a more significant inhibitory effect on research and development innova-tion in state-owned and large enterprises than in non-state-owned and small and medium-sized enterprises.After considering endogenous issues and ro-bustness testing,the research conclusions remain consistent.关键词
金融地理结构/银企距离/融资约束/过度负债/研发创新Key words
financial geography/distance between banks and enterprises/financing constraints/excessive debt/R&D innovation分类
管理科学引用本文复制引用
韩元亮,石贝贝,马喜立..金融地理结构是否影响了企业研发创新[J].当代经济管理,2025,47(9):85-96,12.基金项目
国家自然科学基金青年项目"央企'换帅'与控股上市公司盈余管理"(71802049) （71802049）
南京市社会科学基金项目"新发展格局下南京市国有企业改革创新发展路径研究"(22YB05) （22YB05）
江苏省高校社会科学基金项目"江苏省金融发展支持实体企业投资效率及其机制研究"(2023SJYB0589). （2023SJYB0589）
