Based on the samples of Chinese A-share listed companies from 2000 to 2017, this paper verifies the positive relationship between the long-term credit term structure and the output of innovation of enterprises from a micro perspective. After endogeneity treatment and robustness test, the conclusion is still valid. The further heterogeneity analysis shows that the effect of the long-term credit term structure on the output of innovation of enterprises depends on the type of patents and the characteristics of enterprise. In particular, compared with utility model patents and design patents, the extension of credit term structure is more conducive to the application of invention patents. Moreover, the long-term credit term structure has more obvious innovation promotion effect on state-owned enterprises, large enterprises, growing enterprises and enterprises with low degree of financing constraint. The conclusion of this paper clarifies the important role of corporate credit term structure in the process of corporate innovation, which is helpful for Chinese enterprises to get out of the dilemma of low proportion of long-term credit funds and continuously enhance their innovative strength.
