关键词: 金融要素扭曲, 四大行市场份额, 研发投入, 创新成果

Abstract: This paper investigates the impediment effects of financial factor distortions on enterprises innovation activities by utilizing World Bank investigation data on Chinese enterprises and choosing the market share of the big four state of commercial banks as financial distortions proxy variable. Empirical evidences show that: financial factor distortions can be impediment to both the enterprises’ R&D input and innovation output; the impediment effect are significantly different among the different enterprises; compared to the state of enterprises, private enterprises obtain much more impediment effect from the financial distortions. In terms of enterprise size, the sensitivity of R&D investment to the financial factors distortion in the small and medium-sized enterprises is higher than that in the large enterprises. The impediment effect is stronger in the process innovation of the small and medium-sized enterprises, while the product innovation of the large enterprises is an opposite story. Therefore, promoting and accelerating the financial market reform has positive effects on the enterprises innovation activities, which could provide the solid foundation for persistent innovation and development during the period of economy transition in the country.

Key words: Financial Factors Distortions, Market Share of the Big Four Commercial Bank, R&D Input, Innovation