Research on the Influence of Tax Incentives and Financing Constraints on NEEQ Enterprises’ Innovation

Yang Li, Yuanzhu Wang () and Rajah Rasiah
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Yang Li: School of Economics and Management, Qinghai University for Nationalities, Xining 810000, China
Yuanzhu Wang: Asia Europe Institute, University of Malaya, Kuala Lumpur, Cyberjaya 63000, Malaysia

Sustainability, 2023, vol. 15, issue 3, 1-19

Abstract: This paper adopts the two-way fixed effect model to analyze the listed enterprises on the New Third Board (NEEQ) from 2014 to 2021. In the process of analysis, to ensure the rationality of the regression results, the missing core data and related data of financial enterprises are excluded. Through empirical analysis, this paper draws the following conclusions: (1) Tax incentives can promote enterprise innovation. (2) Internal and external financing constraints inhibit enterprise innovation. (3) Internal and external financing constraints play an intermediary role in tax incentives and enterprise innovation. (4) The intermediary effect of internal financing constraints is significant in both the fundamental layer and the innovation layer, while the external financing constraints are only significant in the fundamental layer. (5) Compared with state-owned enterprises, the intermediary effect of internal and external financing constraints is more significant in non-state-owned enterprises.

Keywords: tax incentives; internal financing constraints; external financing constraints; enterprise innovation (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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