Abstract: Abstract: Based on the World Bank about Chinese enterprises operating system environment quality survey data in 2012, this paper in order to study the relationship between bank credits, ownership nature and enterprise innovation from the perspective of empirical. The results show that, Bank credit has significant positive influence on enterprise innovation, and the proportion of ownership nature can significantly inhibit the enterprise innovation, with the increase of the proportion of state-owned further, the positive effect of bank credit on enterprise innovation will gradually weakened .The study also found small enterprises and young enterprise innovation are more Sensitivity on bank credit and ownership nature. These results imply deepen the reform of the financial system, guide the state-owned enterprises play a role of enterprise innovation leader will help to promote enterprise innovation. This paper provides a micro foundation for interpretation of causality relationship between financial market development, government intervention and economic transition.

Key words: bank credit, ownership nature, enterprise innovation, state-owned proportion

摘要： 本文基于2012年世界银行关于中国企业运营的制度环境质量调查数据，旨在从实证角度研究银行信贷、所有权性质和企业创新之间的关系。结果表明，银行信贷对企业创新具有显著的积极影响，而所有权的国有比例会显著抑制企业创新，进一步地随着国有比例的增加，银行信贷对企业创新的积极影响会逐渐弱化。研究还发现小型企业和年轻企业的企业创新对银行信贷和所有权性质的敏感性更高。这些研究结论意味着深化金融体制改革，引导国有企业发挥企业创新的领头羊作用将有助于推动企业创新。本文为金融市场发展、政府干预与经济转型之间关系的因果解释提供了重要的微观基础。

关键词: 银行信贷, 所有权性质, 企业创新, 国有比例