Empirical investigation of financial intermediation paths which boost innovation in China: Influence of quality of institutions

• Project/Area Number: 17K03683
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Kyoto University
• Principal Investigator: Yano Go 京都大学, 経済学研究科, 教授 (90314830)
• Project Period (FY): 2017-04-01 – 2020-03-31
• Project Status: Completed (Fiscal Year 2019)
• Budget Amount: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000); Fiscal Year 2019: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: イノベーション / 金融仲介経路 / 制度の質 / 中国 / イノベーション投資 / 資金源 / 金融 / 制度

Outline of Final Research Achievements

This research econometrically investigates whether financial intermediation path effectively financing investment by firms for their innovation varies according to quality of institutions faced by firms. As a result, it is found that each importance of internal finance, equity finance, bank loans, or trade credit varies according to quality of institutions such as protection of property right and contract enforcement.
Besides, this research finds that making human capital investment after innovation inputs such as R&D investment is effective for firms to efficiently produce innovation outputs from innovation inputs.

Academic Significance and Societal Importance of the Research Achievements

本研究により中国における企業のイノベーション活動のファイナンスのあり方及びそれへの制度の質の影響が明らかされたことは、新興国経済におけるイノベーションを促進するためには、制度の質の改善を働きかける政策とどのような金融仲介経路を発達させ活用するかという開発金融政策をどのような組み合わせと手順で進めるのが適切かという、中国に限定されない新興国にとって普遍的な学術的問題解明され、更に政策立案上も特に企業金融システム設計における有効な政策デザインに資するという意義をもつ。

Research Products

• [Journal Article] Efficiency of trade credit and bank finance: An ethnic minority area in China (2019)
  • Author(s): Yano, Go and Maho Shiraishi
  • Journal Title: Journal of the Asia Pacific Economy Volume: - Issue: 3 Pages: 1-26
  • DOI: 10.1080/13547860.2019.1670929
  • Peer Reviewed
• [Journal Article] Financing of Physical and Intangible Capital Investments in China (2019)
  • Author(s): Go Yano and Maho Shiraishi
  • Journal Title: Emerging Markets Finance and Trade Volume: vol. 55 Issue: 6 Pages: 1-19
  • DOI: 10.1080/1540496x.2018.1562889
  • Peer Reviewed
• [Journal Article] High and New Technology Enterprise Performance and Financial Constraints: Is Clustering Efficient (2017)
  • Author(s): Shu, Qianfei and Go Yano
  • Journal Title: Applied Economics and Finance Volume: 4 Pages: 64-77
  • Peer Reviewed
• [Journal Article] Can corruption really function as “protection money” and “grease money”? Evidence from Chinese firms (2017)
  • Author(s): Xu, Gang, Dongyang Zhang and Go Yano
  • Journal Title: Economic Systems Volume: 41 Issue: 4 Pages: 622-638
  • DOI: 10.1016/j.ecosys.2017.03.001
  • Peer Reviewed
• [Presentation] Economic and political motivations in debt finance in China: Bank lending and trade credit offering (2019)
  • Author(s): Go Yano
  • Organizer: The Society for the Study of Emerging Markets EuroConference 2019
  • Int'l Joint Research
• [Presentation] Economic and political motivations in debt finance in China: Bank lending and trade credit offering (2017)
  • Author(s): Go Yano and Maho Shiraishi
  • Organizer: The 2nd World Congress of Comparative Economics
  • Int'l Joint Research