Do credit market accessibility and legal protection shape corporate innovation?
研究了信贷市场可及性和法律保护对企业创新的影响，发现信贷市场可及性通过降低贷款成本、增加贷款规模和延长贷款期限来缓解融资约束，从而促进创新，且对私营企业影响更大。
Abstract We examine the effects of credit market accessibility and legal protection on corporate innovation in a pseudo‐multinational setting at the firm level, emphasizing the channels through which corporate innovation is affected. A horse race suggests that credit market accessibility facilitates innovation more than legal protection does. Credit market accessibility promotes innovation by alleviating financial constraints through reduced bank loan costs, larger bank loans, and more long‐term loans. Consistent with our reasoning, the effects are greater for private enterprises than for state‐owned firms.