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Business environment, financing constraints and enterprise innovation investment

Author

Listed:
  • Sun, Liming
  • Shen, Juanjuan
  • Zhai, Jun
  • Lu, Feixiang
  • Zhang, Xue
  • Liu, Aichun
  • Guan, Haoyuan

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.

Suggested Citation

  • Sun, Liming & Shen, Juanjuan & Zhai, Jun & Lu, Feixiang & Zhang, Xue & Liu, Aichun & Guan, Haoyuan, 2024. "Business environment, financing constraints and enterprise innovation investment," Finance Research Letters, Elsevier, vol. 70(C).
    • Handle: RePEc:eee:finlet:v:70:y:2024:i:c:s1544612324013394
    DOI: 10.1016/j.frl.2024.106310
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