Do Different Types of Credit Constraints Have Different Impact on the Innovation of Micro and Small Enterprises?
- HUANG Sujian & LIU Meiyu
- Liaoning University，110036.
Based on the survey data about micro and small enterprises (MSEs) in Shandong Province in 2018, according to whether the credit constraints faced by MSEs are active choice or passive acceptance, we divide the credit constraints into demand-based credit constraints and supply-based credit constraints, and different types of credit constraint indexes of MSEs are constructed. Based on the generalized propensity score matching (GPS), a multiple treatment effect model (MTE model) is constructed to empirically test the impact of these two different types of credit constraints on MSE innovation. The results show that both demand-based credit constraints and supply-based credit constraints have a significant negative impact on the MSE innovation. Demand-based credit constraints reduce MSEs' innovation investment, number of patent applications and innovation income by 18.92%, 17.43% and 16.79% respectively. For MSEs facing supply-based credit constraints, their innovation investment, number of patent applications and innovation income decreased by 15.03%, 16.15% and 15.97% respectively. It thus can be seen that the demand-based credit constraints have much greater negative impact. As supply-based credit constraints are evolving into demand-based ones, the innovation loss of MSEs is not reduced but further enlarged.
JEL：G21, D14, C23
- Small and Micro Enterprises, Demand Based Credit Constraint, Supply Based Credit Constraint, Innovation, Multiple Treatment Effect Model