Abstract
This study investigates whether and with whom R&D cooperation can alleviate the adverse influence of financial constraints on firms’ innovation performance. Specifically, three different types of R&D cooperation are considered in this study, i.e., cooperation with suppliers, customers and research institutes. Using the data of manufacturing firms from Chinese Enterprise Survey, we find that R&D cooperation can improve firms’ innovation performance effectively when facing financial constraints. Furthermore, we find that R&D cooperation with customers are more effective than cooperation with suppliers and research institutes in mitigating the negative effect of financial constraints on new product development, while R&D cooperation with suppliers are more effective than cooperation with customers and research institutes in improving technological processes. Overall, our findings provide direct evidence that R&D cooperation can be an effective strategy to improve innovation performance when firms face financial constraints.
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