中文摘要：

债务违约是否会抑制企业的创新投资是个重要的研究课题。通过手工搜集1999—2014年共15年间上市公司债务违约数据并进行了分析研究,结果发现：债务违约的确抑制了上市公司的创新投资,而且债务违约对公司创新投资的抑制作用并未随时间的推移而减弱。进一步研究发现,债务违约余额越重,债务违约对创新投资的抑制程度越大,但是高质量的审计能够缓解债务违约对创新投资的抑制效应。研究拓展了债务违约经济后果的理论文献,同时有着清晰的经济含义,即借贷关系中的债务违约对企业有着深远的、长久的影响。

英文摘要：

Whether the debt default will inhibit the subsequent firm innovation investment is an important research topic.Using hand-collected debt default information of listed companies during 1999—2014,we find that debt default does inhibit the listed companies＇ firm innovation and the effect will not diminish over time. Further research shows that the more serious the debt default balance is,the greater the inhibition is,but high quality of audit can alleviate the inhibition. Our study expands the theoretical literature of the economic consequences of debt default,and clearly suggests that debt contract in credit relation has a far-reaching and long-term impact on firms.