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| Financing Decentralization and Firm's Innovation |
| Liu Zheng1,4, Chen Xiaoying2, Yang Xianming3 |
| 1.School of Management and Economics，Kunming University of Science and Technology,Kunming 650093,China;2.Chenyi University College,Jimei University,Xiamen 361021,China;3.Development Institute,Yunnan University;4.Postdoctoral Program,Yunnan University, Kunming 650091,China |
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Abstract Decentralized financing is extremely important for innovative enterprises，but there was lack of related empirical study. Using the World Bank survey on China in 2012，this paper constructed the corporate finance dispersion indicators from multiple financing channels and decentralized financing structure，and empirically test the impact on Chinese enterprises' technological innovation by finance decentralization. We find the decentralized financing really promotes Chinese enterprises' innovation，which is highly robust even if we have the other way to measuring the related variables and control the endogenous problem in the mode. Then we analyze the mechanism，we find the decentralized financing plays a bigger positive role for the firms in financial constraint and in higher degree of innovation，which means that decentralized financing can ease innovative firms' financing constraints and smooth tit's financing period. Finally，we find the above results are prominent in internal financing leading enterprises，which supports the hypothesis of priority of internal financing in corporate. Lastly，it was found that the private firms' innovation are restricted due to the lack of decentralized financing structure.
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Received: 21 July 2016
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Corresponding Authors:
Liu Zheng
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