Abstract：Small and medium-sized enterprises play an important role in Chinese economic restructuring,but high credit risk hinders their high-quality development.This paper studies the impact of R&D investment on the credit risk of small and medium-sized enterprises by taking the listed companies on the Growth Enterprise Market and the Sci-Tech Innovation Board Market from 2011 to 2020 as samples.The empirical results show that R&D investment reduces the credit risk of small and medium-sized enterprises.This negative relationship between R&D investment and credit risk is still valid after considering the endogenous and robustness tests,and the results of threshold regression analysis have not changed this negative relationship.Mechanism research shows that R&D investment will reduce enterprise credit risk by reducing the level of enterprise debt and improving enterprise value.Extensive research finds that the development level of digital inclusive finance will weaken the negative relationship between R&D investment and credit risk,and the moderating effects of digital inclusive finance is more significant in the sample of small and medium-sized enterprises with less financial supervision intensity,poor internal governance level and low digitization level,while it is not obvious in the sample of small and medium-sized enterprises with higher financial supervision intensity,better internal governance level and higher digitization level.Based on these conclusions,this paper puts forward relevant suggestions.
贺炎林, 刘冠丞. 研发投入对中小企业信用风险的影响——基于数字普惠金融视角[J]. 中国科技论坛, 2023(8): 86-96.
He Yanlin, Liu Guancheng. The Impact of R&D Investment on Credit Risk of Small and Medium-Sized Enterprises ——From the Perspective of Digital Inclusive Finance. , 2023(8): 86-96.
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