Inovasi merupakan faktor penting daya saing dan produktivitas perusahaan. Namun, terdapat konsensus pembiayaan sebagai hambatan mengingat inovasi membutuhkan pembiayaan secara berkelanjutan dan jangka waktu panjang. Oleh karena itu, penelitian ini membahas pengaruh komposisi pembiayaan baik formal maupun informal terhadap inovasi perusahaan di Indonesia. Setelah melihat pengaruhnya, dilakukan pula analisis perbandingan efeknya antar ukuran perusahaan yaitu perusahaan kecil, menengah, dan besar. Sampel pada penelitian adalah perusahaan di Indonesia berdasarkan data World Bank Enterprise Survey (WBES) tahun 2015 dengan menggunakan regresi Logistic Probability Model. Penelitian ini menunjukkan komposisi pembiayaan formal secara signifikan berhubungan positif terhadap inovasi produk, proses, dan inovasi produk dan proses terhadap ukuran perusahaan baik perusahaan kecil-menengah maupun besar. Temuan lainnya menyimpulkan semakin perusahaan mengalami kesulitan pembiayaan untuk kegiatan operasinal sehari-harinya (day-to-day) maka akan semakin sulit pula perusahaan berinovasi.

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Innovation is an important factor in the competitiveness and productivity of firms. However, there is a consensus on financing as an obstacle considering that innovation requires sustainable and long-term financing. Therefore, This study discusses the impact of the composition of both formal and informal financing on firm innovation in Indonesia. After seeing the effect, a comparative analysis of the effect was also carried out between firm sizes, such as small-medium and large firms. The sample in this research is firms registered in Indonesia based on data from World Bank Enterprise Survey (WBES) 2015 using the Logistic Probability Model regression. This study shows that the composition of formal financing is significantly positively related to product innovation, process, and product and process innovation to firm size, both small-medium and large firm. Other findings conclude that the more firms experience financing difficulties for their daily operations, the more difficult it will be for firms to innovate.