文献类型：期刊文献

英文题名：Public development finance and firm innovation

作者：Liu, Jie[1];Xu, Kun[2];Li, Jiarong[3]

机构：[1]Guangdong Ocean Univ, Sch Econ, Zhanjiang, Peoples R China;[2]Southwestern Univ Finance & Econ, Inst Chinese Financial Studies, Chengdu, Peoples R China;[3]Zhejiang Univ, Sch Econ, Hangzhou, Peoples R China

年份：2024

卷号：4

期号：4

起止页码：266

外文期刊名：CHINA ECONOMIC QUARTERLY INTERNATIONAL

收录：ESCI(收录号：WOS:001447645000001)、Scopus(收录号：2-s2.0-85217915256)、WOS

基金：We have no known competing fi nancial interests or personal relationships that could have appeared to in fluence the work reported in this paper. This work was supported by the program for scientifi c research start-upfunds of Guangdong Ocean University (Grant numbers: 060302082313) and the Ministry of Education of the People's Republic of China Humanities and Social Sciences Post-Research Funding Project (Grant numbers: 24JHQ078) .

语种：英文

外文关键词：Public development finance; Firm innovation; Patents

外文摘要：This paper empirically examines the impact of public development finance on firm innovation using loan data from public development finance institutions. The findings reveal that an increase in the size of loans from these institutions significantly enhances firm R&D investments and outputs, primarily reflected in substantial innovations, particularly in invention patents. The effect of public development finance on innovation varies depending on the nature and technological focus of the firm. Public development finance influences innovation through two main channels: financing constraints, which lower the cost of financing for firms, and infrastructure improvements, which enhance the overall business environment. Additionally, public development finance has a significant positive effect on firm value, driving increased corporate innovation.