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Corporate Debt Structure and Corporate Innovation Output
Zhang, Haifeng
Zhang, Haifeng
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2025-04
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Business Administration/Finance
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https://doi.org/10.34944/8px8-8j71
Abstract
Corporate debt structure has significant influence on corporate debt risk and innovation-driven strategies, especially having a certain impact on the innovation willingness and ability of micro market players. Based on the panel data of listed companies from 2000 to 2019, this paper empirically tests and analyzes the influential effect of corporate debt structure on corporate innovation output. The empirical analysis herein shows that there are significant differences in the influences of corporate debt structure on enterprise innovation output, among which long-term debts of an enterprise have a significantly inhibitory effect on its innovation activities while short-term debts do not show inhibitory effect that is significantly negative; as for different industry types, the inhibitory effect of long-term debts on innovation output only exists in manufacturing industry and social service industry; as for different ownership type, the long-term debts of state-owned and private enterprises show significantly inhibitory effect. Whereby great importance should be attached to the negative influence of deleveraging policies, directly or indirectly, on the innovation activities of the real-economy sectors, and it should be actively promoted to introduce fiscal policies relevant to supporting corporate innovation, especially to introduce differentiated policies of innovation supporting, so as to promote the implementation of innovation-driven development strategies.
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