Does Bank Loan Promote Enterprise Innovation?

摘要

Based on panel data of Chinese A-share listed companies from 1990 to 2017, this paper analyses the impact of bank loans on technological innovation of enterprises. Through the empirical study of two-stage system GMM, it is found that bank loans promote technological innovation of enterprises. Further research finds that bank loans play the most significant role in promoting technological innovation of listed companies, followed by equity financing and internal financing.