破产法庭设立对企业创新的影响研究

Abstract

From the debtor's perspective, this study uses a multi-period difference-in-differences model to examine the relationship between the establishment of bankruptcy courts and corporate innovations by taking A-share listed companies in Shanghai and Shenzhen from 2015 to 2023 as the research sample. The study finds that the establishment of bankruptcy courts can significantly promote corporate innovation. Increased risk resistance capacity and an optimized business environment are the mechanisms. Further research finds that bankruptcy courts have a biased effect: they only promote incremental innovation, but have a negative impact on breakthrough innovation. For non-state-owned firms and those with lower litigation risk, the role of bankruptcy courts in promoting corporate innovation is more significant. Bankruptcy courts can promote continuous innovation and continuous incremental innovation, but have a limited impact on continuous breakthrough innovation.