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| High-interest Entrusted Loans and Corporate Innovation |
| YU Yan, LEE Yi-tsung
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Business School, Beijing Technology and Business University;
Guanghua School of Management, Peking University |
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Abstract This paper analyzes the impact of engagement of high-interest entrusted loans and corporate innovation activities from the perspective of myopia. Based on myopia theory, our paper analysis firms' innovation activities changes and the level and composition of profitability changes after engagement of high-interest entrusted loans. The results show companies who have high-interest entrusted loans will have lower the future patent outputs and lower R&D expenditure, lower operating profit and higher non-operating profit. Further analysis show that there is no significant difference in overall profitability between companies with high-interest entrusted loans and who don't. This indicates engagement of high-interest entrusted loans is more likely to be triggered by myopia of managers. This paper also contributes to understandings of firm’s behavior under the background of interest rate liberalization.
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Received: 20 November 2015
Published: 01 January 1900
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