Research on the Effect of Credit Term Structure on the Transformation of Innovation Achievements

Abstract

Innovation is the primary driving force leading development, and promoting the transformation of scientific and technological achievements is an important issue in implementing the innovation-driven development strategy. From the perspective of market participants, we use the relevant provincial panel data of 30 provinces in China from 2003 to 2019 to explore the impact and mechanism of credit term structure on the transformation of industrial innovation achievements. The study found that the long-term credit term structure has generally improved the economic transformation of my country's industrial innovation achievements, and this effect shows regional heterogeneity and time heterogeneity. After examining the impact mechanism, we found that the credit term structure affects the transformation of innovation achievements through the two paths of affecting the R&D investment of the real industry and the construction of social infrastructure. Further studies have found that the effect of long-term credit term structure on the transformation of innovation achievements is also affected by regional economic incentives, showing a threshold effect. This article expands the research perspective of finance in the real economy, enriches the relevant literature in the field of industrial innovation, provides certain evidence support for the strategy of serving the real economy and deepening the reform of the financial system.