부산대학교 도서관

This study examines the financial determinants that influence research and development (R&D) investments, using a sample of 3588 Chinese listed firms over the period 2009–2021. Based on a concise theoretical framework, three hypotheses are proposed, with a particular emphasis on the role of commercial credit in driving R&D investment. Then, a multi-model identification strategy is adopted to control for sample selection bias and the endogeneity issue. This paper concludes that commercial credit and bank loan both act as impediments to firms’ R&D investment, irrespective of investment selection or intensity. In contrast, internal financing is beneficial to firms’ R&D investment. Moreover, some firm-level characteristics, such as firm size, age, capital intensity, productivity, ownership, and geographical location, matter for firms’ R&D investment. The findings have important policy implications for new emerging economies that seek to implement financial reform and innovation-driven strategies. Firstly, more efforts are needed to broaden financing channels and reduce financing discrimination against small- and medium-sized enterprises. Secondly, governmental authorities should undertake the responsibility of supervising credit rating agencies to ensure that they adhere to principles of transparency, fairness, and equity. Finally, policymakers should take an active role in advancing innovation-driven strategies by increasing financial support and enhancing the endogenous driving force of innovation.