Business environment, financing constraints and enterprise innovation investment

Liming Sun, Juanjuan Shen, Jun Zhai, Feixiang Lu, Xue Zhang, Aichun Liu and Haoyuan Guan

Finance Research Letters, 2024, vol. 70, issue C

Abstract: This study utilizes a sample of A-share listed companies in China spanning from 2012 to 2022 to delve into the correlation between the business environment and corporate innovation investment. The findings reveal that a favorable business environment significantly bolsters corporate investment in innovation. Additionally, financing constraints emerge as a crucial intermediary factor, facilitating the enhancement of corporate innovation through improved business conditions. Notably, the business environment in both the eastern and central regions exerts a marked positive influence on innovation investment, with the eastern region demonstrating a more profound effect.

Keywords: Business environment; Financing constraints; Innovation investment (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:70:y:2024:i:c:s1544612324013394

DOI: 10.1016/j.frl.2024.106310

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