文献类型：期刊文献

英文题名：Does money buy innovation? The effect of the "Innovative City" pilot on firm innovation in China

作者：Zhou, Fan[1];Deng, Nanxin[2];Wu, Di[3]

机构：[1]Southwestern Univ Finance & Econ, Inst Western China Econ Res, Chengdu, Peoples R China;[2]East China Univ Sci & Technol, Business Sch, Dept Econ, Shanghai, Peoples R China;[3]Harbin Inst Technol, Sch Management, Weihai, Peoples R China

年份：2024

卷号：70

外文期刊名：FINANCE RESEARCH LETTERS

收录：;WOS:【SSCI(收录号:WOS:001344794500001)】；

基金：This research is supported by Sichuan Science and Technology Program under grant number 2024NSFSC1094; The Ministry of Education of Humanities and Social Science Project under grant number 24YJC790027. The authors would like to thank the editor and anonymous referees from this journal for comments made on ealier versions of this paper.

语种：英文

外文关键词：Firm innovation; Financial constraint; Innovative City pilot; Place-based policy; Difference-in-differences-in-differences

摘要：This study investigates the "Innovative City" pilot in China and its impact on fostering firm innovation by alleviating financial constraints. Employing difference-in-differences-in-differences approach, we provide strong evidence that the policy significantly boosted firm innovation capabilities, measured by increased patenting. A key mechanism is the program's expansion of bank credit access for firms, particularly benefiting financially constrained firms. Furthermore, the positive impact is amplified in regions with more developed banking sectors and for firms with pre-existing bank relationships, highlighting the role of market frictions. These findings highlight the pivotal role of a competitive and transparent credit market.