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Abstract According to the special institutional environment in china, this paper studies the effect of the shortterm loan and longterm investment on innovation activities of Chinese Enterprises. This study shows that as an alternative financing strategy, the shortterm loan and longterm investment has a negative effect on enterprise innovation ability, meanwhile according to the different property right and different scale, there are obvious differences in the negative effect. Further research on the mechanism of influence shows that through the interference of human capital investment and R&D investment, the shortterm loan and longterm investment can inhibit the accumulation of enterprise innovation capability. In addition, this paper also studies the impact of the shortterm loan and longterm investment on the relationship between innovation and enterprise growth. It is found that the shortterm loan and longterm investment has weakened the sensitivity of innovation and enterprise growth, and further proves the existence of the negative effect of shortterm loan and longterm investment. Finally, this paper considers the influence of the financial environment, found that monetary policy and regional financial development level both can significantly affect the effect of the shortterm loan and longterm investment on enterprise innovation ability.
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| Fund:教育部人文社会科学基金项目（11YJA790156）；广义虚拟经济研究专项项目(GX20151010(Y)) |
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