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    Credit Market Development and Firm Innovation: Evidence from the People’s Republic of China

    Shang, Hua; Song, Quanyun; Wu, Yu | January 2017
    Abstract
    From the perspective of credit allocation, this paper analyzes the effects of credit market development on the innovative capacities of industrial firms in the People’s Republic of China. Using a large dataset of industrial firms in 31 provinces in the People’s Republic of China, we find that credit market development enhances firms’ product innovation incentives and outcomes. We further show that firms’ credit constraints and firms’ performances are two channels through which credit market development affects innovative capacities of firms. Our results are neither driven by the increase in the quantity of credit, nor by the increase in the number of firms in a province. The results are robust to different samples, different estimation methods, and alternative measures of credit market development.
    Citation
    Shang, Hua; Song, Quanyun; Wu, Yu. 2017. Credit Market Development and Firm Innovation: Evidence from the People’s Republic of China. © Asian Development Bank Institute. http://hdl.handle.net/11540/6732. License: CC BY 3.0 IGO.
    Keywords
    ADB
    Self Financing
    Aid Financing
    Financial Aid
    Development Banks
    Project Impact
    Export Credit Financing
    Industrialization
    Industrial Economics
    Industrial Development
    Industrial Policy
    Cofinancing
    Development Financing
    Economic Development and Finance
    Finance
    Financial Advisory Services
    Financial Assistance
    Financial Support
    Credit Policy
    Credit Cooperatives
    Industrial Credit
    Commercial credit
    Commerce and Industry
    Intra-Industry Trade
    Large Scale Industry
    Labor
    Development Banks
    Asset allocation
    Investment management
    Commercial documents
    Credit control
    Credit allocation
    Capital market
    Developing countries
    Market share
    Labor
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/6732
    Metadata
    Show full item record
    Thumbnail
    adbi-wp646.pdf (1.518Mb)
    Author
    Shang, Hua
    Song, Quanyun
    Wu, Yu
    Theme
    Finance
    Industry

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise