IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v71y2025ics1544612324014557.html
   My bibliography  Save this article

State-owned equity investment funds and corporate innovation

Author

Listed:
  • Fang, Wei
  • Fang, Mian
  • Wang, PengHang

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.

Suggested Citation

  • Fang, Wei & Fang, Mian & Wang, PengHang, 2025. "State-owned equity investment funds and corporate innovation," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014557
    DOI: 10.1016/j.frl.2024.106426
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612324014557
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2024.106426?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014557. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.