Does a Financial Crisis Impair Corporate Innovation?
利用日本1997-98年金融危机数据，研究发现依赖银行融资的企业创新产出下降更多，尤其是与倒闭银行有长期关系的小企业，表明危机中断中介资金供给会削弱不透明、依赖银行企业的创新能力。
Abstract We examine whether financial crises affect innovation output in the context of the 1997–98 crisis in Japan by developing the data on patent counts and future patent citations. Innovative outputs of firms that relied more heavily on bank finance fell more, and that bank dependence matters more for small firms. By employing semiparametric propensity score weighting methods, we also show that small firms which had long‐term, precrisis relationships with the failed banks exhibited a large decline in innovative outputs. The results suggest that crisis‐induced disruptions in the provision of intermediated funds reduced the innovative capacity of the opaque, bank‐dependent firms.