债务结构优化与企业创新——基于企业债券融资视角的研究

本文在我国保持宏观杠杆率基本稳定及实施创新驱动发展战略的现实背景下,从债券融资的视角,探讨债务结构优化对企业创新的影响。研究发现,债券融资与企业创新之间显著正相关,表明债券融资优化企业债务结构、提升企业创新能力的积极作用占据主导地位。进一步研究表明:(1)债券融资能够通过降低整体债务融资成本并延长整体债务期限促进企业创新;(2)债券融资对于银行贷款存在溢出效应,即企业通过债券融资,还能降低银行贷款利率、延长银行贷款期限,进而促进企业创新;(3)产品市场竞争和代理问题会在一定程度上削弱债券融资对企业创新的促进作用;(4)不同类型的债券对企业创新能力的作用存在异质性,债券发行的便利性是其影响企业创新的一个重要因素。

Debt Structure Optimization and Corporate Innovation:A Study from the Perspective of Corporate Bond Financing

Enterprises are the main participants in scientific and technological innovation, and corporate innovation is a crucial driver of economic growth.However, the complex international situation and the impact of the COVID-19 pandemic have increased the uncertainty surrounding economic development, leading to a rise in the macro leverage ratio.A rapid rise in macro leverage might lead to the accumulation of risk, and a reduction in macro leverage does not support the real economy.In this context, the relationship between debt structure optimization and corporate innovation is an important topic.This relationship also has important relevance in the context of maintaining the stability of the enterprise leverage ratio, realizing innovation-driven development strategies, and handling the relationship between economic growth and risk prevention.From the perspective of bond financing, we examine whether enterprises can use the bond market to increase the proportion of direct financing, optimize their debt structure, and promote corporate innovation.Theoretically, the impact of bond financing on corporate innovation is unknown.On the one hand, as a main direct and long-term financing channel of corporate debt, bond financing can optimize the debt structure and promote corporate innovation by reducing the cost of debt financing and extending debt maturity.On the other hand, compared with relationship debts like bank loans, bond financing, as a transaction debt, has a more rigid debt contract and is more likely to give operators greater rights to control, possibly weakening the effect of corporate governance of debt and impeding corporate innovation.Based on sample firms listed on the Shanghai or Shenzhen Stock Exchanges during the 2006-2017 period, we use the number of patent applications and patent citations to measure corporate innovation to empirically test the relationship between bond financing and corporate innovation.We find that bond financing is significantly and positively correlated with corporate innovation, which indicates the positive role of bonds in enhancing corporate innovation ability through the optimization of the corporate debt structure.Our further findings are as follows.(1) Bond financing can promote corporate innovation by reducing the overall debt financing cost and extending overall debt maturity.Moreover, bond financing has a spillover effect on bank loans: bond issuance can promote corporate innovation by reducing the interest rate and extending the term of bank loans.(2) Product market competition and agency problems can weaken the role of bond financing in promoting corporate innovation.(3) The effects of different types of bonds on corporate innovation are heterogeneous.Compared with corporate bonds and convertible bonds, short-term commercial paper and medium-term notes play more significant roles in promoting corporate innovation, which indicates that the convenience of bond issuance is an important factor affecting corporate innovation.The results of this paper contribute to the literature in the following ways.First, we extend the literature on the determinants of corporate innovation.From the micro perspective, existing studies mainly discuss the relationship between debt level and corporate innovation, ignoring the impact of debt structure.Given an assumed level of debt, we discuss whether and how the proportion of bond financing affects corporate innovation.From a macro perspective, existing studies mainly discuss the relationship between financial development and corporate innovation in terms of the credit market and stock market, ignoring the role played by the bond market.Our results reflect the positive effect of bond market development on corporate innovation.Second, we provide new evidence of the economic consequences of corporate bond financing.By assessing social financing cost, bank loan cost, cash dividend policy, and corporate innovation performance, we focus on corporate innovation and discuss the impact of bond financing on corporate innovation from the perspective of innovation output scale and quality, further enriching the literature on the economic consequences of bond financing.Furthermore, we analyze the spillover effect of direct debt financing (bond financing) on indirect financing (bank loans).Bond financing helps improve bank loan conditions, including loan cost and term structure, and thus promotes corporate innovation.We provide evidence of the underlying economic mechanisms through which bond financing improves corporate innovation.Finally, we reveal the conditions in which bond financing can improve corporate innovation.We find that the effects of different types of bonds on corporate innovation are heterogeneous.Compared with corporate bonds and convertible bonds, short-term commercial paper and medium-term notes with greater financing convenience a have stronger promoting effect on corporate innovation.This finding has important implications for policy-making during bond market reform in China.