3717 
4294中小型民营企业逐渐成为创新的主力，但是正规与非正规金融市场的发展对企业创新的影响是否存在差异尚待进一步探索。文章基于2018年广东省企业调查数据，将企业融资渠道归为三类：正规信贷、非正规信贷和供应链信用融资，并对比分析了三者对企业多维度创新的影响差异及其作用机制。研究发现：（1）对技术型创新而言，银行贷款的作用显著较高；对非技术型创新（商业模式或应对环境规制）而言，非正规金融的促进作用更显著。（2）供应链信用融资有利于企业进行单维度创新，正规与非正规融资则能够促进企业的多维度创新。（3）总体上，正规信贷对促进企业创新的作用略高于非正规融资渠道。进一步检验发现，正规金融通过增加企业研发投入促进创新，供应链融资通过缓解现金流约束间接为创新融资。该结果是在考虑了企业和企业家的异质性、采用多种衡量方式并使用工具变量估计后的稳健性结论。
信贷来源结构对中小企业多维度创新活动的影响
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参考文献
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引用本文
徐丽鹤, 李青. 信贷来源结构对中小企业多维度创新活动的影响[J]. 财经研究, 2020, 46(7): 19-34.
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