Preferential Interest Rate, Financing Constraints and Enterprise Innovation Capability

Abstract

This paper takes my country's Shanghai and Shenzhen A-share non-financial listed companies as the research object, selects their data from 2016 to 2020, and discusses the impact of preferential interest rates and financing constraints on corporate innovation capabilities. Empirical analysis finds that most enterprises generally have financing constraints, and financing constraints will inhibit the improvement of corporate innovation capabilities; and preferential interest rates can alleviate the financing constraints in corporate innovation investment through direct channels and indirect channels. Therefore, this paper puts forward suggestions from the aspects of implementing differentiated policies, combining "before" and "after", reducing information asymmetry, and establishing and improving the effect evaluation mechanism, hoping to alleviate the financing constraints of Chinese enterprises and improve their innovation capabilities useful reference.