Can Reducing Knowledge Network Sharing Degree Improve Innovation Performance of Specialized and Special New Enterprises? The Role of Financial Constraints

Abstract

This paper takes the specialized and special new A-share listed companies from 2012 to 2021 as the research samples, and uses the method of combining theoretical and empirical research to explore the impact of knowledge network sharing degree on the innovation performance of specialized and special new enterprises, and analyzes the regulatory effect of financing constraints on this relationship. The empirical results show that reducing the sharing degree of knowledge network of specialized and special new enterprises can significantly improve the innovation performance of enterprises, and financing constraints play a positive regulatory role in this relationship. The heterogeneity test based on the micro characteristics of enterprises shows that in the enterprises with the integration of the chairman and the general manager and the high degree of corporate equity balance, due to the low degree of information asymmetry, reducing the degree of knowledge network sharing has a more significant effect on the improvement of enterprise innovation performance and the regulatory effect of financing constraints. What’s more, further research finds that the digital transformation of specialized and special new enterprises can significantly enhance the positive regulatory effect of financing constraints on knowledge network sharing degree and enterprise innovation performance. The research conclusion of this paper is of great significance for the specialized and special new enterprises to strengthen the protection of intellectual property rights, strengthen the “differentiation” competition strategy, and make full use of knowledge resources to create core competitive advantages to achieve sustainable development of enterprises.