Exploration of the relationship between equity financing dependence, financing constraints, and corporate innovation performance

Saijun Wu, Changzheng Li, Fei Huang and Qing Yu

Finance Research Letters, 2025, vol. 76, issue C

Abstract: This paper examines the influence of equity financing dependence on corporate innovation performance by utilizing A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2022 as samples. The research reveals that a reliance on equity financing exerts a detrimental effect on corporate innovation performance. Furthermore, financing constraints are found to mitigate the inhibitory influence of debt financing dependence on corporate innovation. Additionally, an increase in debt financing notably impairs the innovation performance of non-state-owned enterprises.

Keywords: Equity financing dependence; Innovation performance; Financing constraints (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325002764

DOI: 10.1016/j.frl.2025.107012

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