The Moderating Effect of External Financing on the Relationship Between Innovation Input and Enterprise Performance Based on the Moderating Effect Model of Two Interactions

Jing Feng, Yonghong Yao and Qiaowen Yang
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Jing Feng: Guangzhou Huashang College, China
Yonghong Yao: Guangzhou Huashang College, China
Qiaowen Yang: Guangzhou Huashang College, China

Information Resources Management Journal (IRMJ), 2022, vol. 35, issue 3, 1-22

Abstract: This article takes China's high-tech companies from 2010 to 2019 as a sample to explore the correlation between innovation investment and corporate performance, and the moderating effect of external financing on innovation investment and corporate performance. The main research conclusions are as follows: (1) Innovation investment has a positive impact on corporate performance. (2) Equity financing has a positive regulatory effect on innovation input and corporate performance. (3) Debt financing has a negative regulatory effect on innovation input and corporate performance. The negative adjustment effects of debt financing from strong to weak are: bond financing, long-term borrowing, short-term borrowing, and commercial credit.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:igg:rmj000:v:35:y:2022:i:3:p:1-22

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