State-owned equity investment funds and corporate innovation

Wei Fang, Mian Fang and PengHang Wang

Finance Research Letters, 2025, vol. 71, issue C

Abstract: The State-owned Equity Funds is a investment fund set up by the State to guarantee social security measures. Using data from publicly listed firms on the Shanghai and Shenzhen A-share markets from the year of 2007 to 2022, this paper empirically investigates the impact of State-owned Equity Funds investments on corporate innovation. Furthermore, it explores the mediating role of reduced debt costs and alleviated financing constraints in this process. The findings reveal that State-owned Equity Fund investments significantly promote corporate innovation. Additionally, the mediating effects of lower debt costs and reduced financing constraints are found to be significant. This effect is particularly pronounced in state-owned enterprises.

Keywords: State-owned equity funds investments; Corporate innovation; R&D expenditure (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612324014557
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014557

DOI: 10.1016/j.frl.2024.106426

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().