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Enterprise financialization and R&D innovation: A case study of listed companies in China.
- Source :
-
Electronic Research Archive . 2023, Vol. 31 Issue 5, p1-25. 25p. - Publication Year :
- 2023
-
Abstract
- In financial asset allocation, enterprises adjust their investment in R&D innovation according to their motives and the external environment. Based on a review of the literature related to enterprise financialization and R&D innovation, this paper proposes research hypotheses through theoretical analysis first; then, taking China's A-share non-financial listed companies from 2010 to 2019 as research objects, this paper explores the relationship between enterprise financialization and R&D innovation with a quantile panel data model; further, the heterogeneous relationship between the two under different business cycle phases is empirically analyzed. The following conclusions are drawn. First, there is a dynamic relationship between enterprise financialization and R&D innovation, varying with different financing constraints. Second, the dynamic relationship between enterprise financialization and R&D innovation stems from the motivation difference in enterprise asset allocation. Third, there are significant differences in the dynamic relationship at different business cycle phases. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 26881594
- Volume :
- 31
- Issue :
- 5
- Database :
- Academic Search Index
- Journal :
- Electronic Research Archive
- Publication Type :
- Academic Journal
- Accession number :
- 178322114
- Full Text :
- https://doi.org/10.3934/era.2023124