We investigate the impact of credit market deepening on innovation, considering the role of investment risk and investment potential in the context of Russian regions, analysing the panel time series data extracted from the Federal Statistics Department of the Russian Federation and using the method of moments quantile regression. Our baseline findings demonstrate that credit market development spurs innovation in the sample regions in all quantiles (q10–q90), and the credit market has a positive impact on innovation, regardless of whether investment risk is lower or higher. In addition, we reveal a U-shaped relationship between innovation and regional economic growth in Russian regions. We also observe reductions in imports and exports and a boosting effect of increased employment on innovation. We propose several potential policy measures and practical conclusions based on our findings.

我们调查了信贷市场深化对创新的影响，考虑了俄罗斯地区背景下投资风险和投资潜力的作用，分析了从俄罗斯联邦统计局提取的面板时间序列数据，并使用矩分位数方法回归。我们的基线调查结果表明，信贷市场的发展在所有分位数 (q10–q90) 中刺激了样本区域的创新，并且无论投资风险是较低还是较高，信贷市场对创新都有积极影响。此外，我们揭示了俄罗斯地区创新与区域经济增长之间的 U 型关系。我们还观察到进出口减少以及就业增加对创新的促进作用。