Institutional Environment, Cluster Development and Innovative Financing Constraints——an Empirical Study Based on Listed Companies in China's New Materials

2018 5th International Conference on Advanced Composite Materials and Manufacturing Engineering

Wang, Jingjing^1 ; Duan, Shengsen^2

Department of Economic and Social Development, Gansu Normal University for Nationalities, Hezuo, China^1

School of Business Administration, Qilu University of Technology, Jinan, China^2

关键词: Empirical studies;    Financing constraints;    Financing policies;    Government intervention;    Independent innovation;    Materials industry;    Private companies;    State owned enterprise;   

Others  :  https://iopscience.iop.org/article/10.1088/1757-899X/394/4/042015/pdf
DOI  :  10.1088/1757-899X/394/4/042015

来源: IOP

【 摘 要 】

This paper takes a sample of a listed company in China's new materials industry as an example to empirically analyze the impact of external institutional environment and the development of internal enterprise clustering on the innovation and financing constraints of an enterprise. The study finds that the higher the degree of cluster development, the stronger the enterprise's ability to innovate, and the lower the level of innovative financing constraints; in areas where the marketization process is low, the level of government intervention is high, and the environment of the rule of law is poor, the firm's innovative financing constraints are lower, and Private companies' innovation financing constraints are generally higher than state-owned enterprises. The conclusions of the study provide empirical evidence for the improvement of independent innovation capabilities in strategic emerging industries and the development of innovative financing policies.