Financial constraints, government subsidies, and corporate innovation.

To investigate the relationships between financial constraints, government subsidies, and corporate innovation, a semi-logarithmic fixed-effect panel model and mediation effect test were applied, based on the data of Chinese listed companies from 2007 to 2017. We find that (1) financial constraints...

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Autores principales:	Qi Li, Jiaojiao Wang, Guohua Cao, Jing Zhang
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/565f5da19809424c9da2f45ab9f94b99
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spelling	oai:doaj.org-article:565f5da19809424c9da2f45ab9f94b992021-12-02T20:07:40ZFinancial constraints, government subsidies, and corporate innovation.1932-620310.1371/journal.pone.0259642https://doaj.org/article/565f5da19809424c9da2f45ab9f94b992021-01-01T00:00:00Zhttps://doi.org/10.1371/journal.pone.0259642https://doaj.org/toc/1932-6203To investigate the relationships between financial constraints, government subsidies, and corporate innovation, a semi-logarithmic fixed-effect panel model and mediation effect test were applied, based on the data of Chinese listed companies from 2007 to 2017. We find that (1) financial constraints suppress corporate innovation. (2) Government subsidies are targeted at bailing out firms facing financial constraints. (3) Government subsidies promote corporate innovation (4) Government subsidies partially offset the suppression of financial constraints on innovation. We contribute to the fields of public finance, corporate finance, and corporate innovation by: (1) justifying the government subsidies target strategy as a bailout of corporate financial constraints, (2) verifying the corporate-innovation promotion of government subsidies, thus justifying the efficiency of government subsidies, and (3) showing that different types of innovation benefit differently from subsidies, thus justifying subsidies as a structural innovation engine.Qi LiJiaojiao WangGuohua CaoJing ZhangPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 16, Iss 11, p e0259642 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Qi Li Jiaojiao Wang Guohua Cao Jing Zhang Financial constraints, government subsidies, and corporate innovation.
description	To investigate the relationships between financial constraints, government subsidies, and corporate innovation, a semi-logarithmic fixed-effect panel model and mediation effect test were applied, based on the data of Chinese listed companies from 2007 to 2017. We find that (1) financial constraints suppress corporate innovation. (2) Government subsidies are targeted at bailing out firms facing financial constraints. (3) Government subsidies promote corporate innovation (4) Government subsidies partially offset the suppression of financial constraints on innovation. We contribute to the fields of public finance, corporate finance, and corporate innovation by: (1) justifying the government subsidies target strategy as a bailout of corporate financial constraints, (2) verifying the corporate-innovation promotion of government subsidies, thus justifying the efficiency of government subsidies, and (3) showing that different types of innovation benefit differently from subsidies, thus justifying subsidies as a structural innovation engine.
format	article
author	Qi Li Jiaojiao Wang Guohua Cao Jing Zhang
author_facet	Qi Li Jiaojiao Wang Guohua Cao Jing Zhang
author_sort	Qi Li
title	Financial constraints, government subsidies, and corporate innovation.
title_short	Financial constraints, government subsidies, and corporate innovation.
title_full	Financial constraints, government subsidies, and corporate innovation.
title_fullStr	Financial constraints, government subsidies, and corporate innovation.
title_full_unstemmed	Financial constraints, government subsidies, and corporate innovation.
title_sort	financial constraints, government subsidies, and corporate innovation.
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/565f5da19809424c9da2f45ab9f94b99
work_keys_str_mv	AT qili financialconstraintsgovernmentsubsidiesandcorporateinnovation AT jiaojiaowang financialconstraintsgovernmentsubsidiesandcorporateinnovation AT guohuacao financialconstraintsgovernmentsubsidiesandcorporateinnovation AT jingzhang financialconstraintsgovernmentsubsidiesandcorporateinnovation
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Financial constraints, government subsidies, and corporate innovation.

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