IDEAS home Printed from https://ideas.repec.org/a/hin/jnlmpe/5052274.html
   My bibliography  Save this article

Research on Technological Innovation Investment, Financing Constraints, and Corporate Financial Risk: Evidence from China

Author

Listed:
  • Yanli Su
  • Baotong Liu
  • Xiuping Yang
  • Enyu Wang
  • Arunava Majumder

Abstract

Technological innovation is the source of generating new momentum. In the context of the financing constraints generally existing in China, it is particularly important to explore the impact of technological innovation investment on corporate financial risk, which also provides a risk identification perspective and development direction for enterprises. Based on the data of China’s small and medium-sized listed companies from 2010 to 2019, and from the perspective of moderating effect of financing constraints, this paper uses multiple regression analysis method to test the impact mechanism of technological innovation investment on corporate financial risk and the moderating effect of financing constraints in both. The results show that technological innovation investment can significantly reduce corporate financial risk, while financing constraints can significantly improve the level of financial risk. Financing constraints play a moderating role in technological innovation investment and financial risk. Heterogeneity test found that, compared with large-scale enterprises, small-scale enterprises’ technological innovation investment has a more significant impact on financial risk, and the moderating effect of financing constraints is also greater. Compared with private enterprises, state-owned enterprises’ technological innovation investment has less impact on financial risk, and the moderating effect of financing constraints is not significant.

Suggested Citation

  • Yanli Su & Baotong Liu & Xiuping Yang & Enyu Wang & Arunava Majumder, 2022. "Research on Technological Innovation Investment, Financing Constraints, and Corporate Financial Risk: Evidence from China," Mathematical Problems in Engineering, Hindawi, vol. 2022, pages 1-13, March.
    • Handle: RePEc:hin:jnlmpe:5052274
    DOI: 10.1155/2022/5052274
    as

    Download full text from publisher

    File URL: http://downloads.hindawi.com/journals/mpe/2022/5052274.pdf
    Download Restriction: no
    File URL: http://downloads.hindawi.com/journals/mpe/2022/5052274.xml
    Download Restriction: no
    File URL: https://libkey.io/10.1155/2022/5052274?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
    ---><---

    More about this item

    Statistics

    Access and download statistics

    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:hin:jnlmpe:5052274. 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: Mohamed Abdelhakeem (email available below). General contact details of provider: https://www.hindawi.com .

    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.