Abstract
We construct a chain multiple mediation model to examine how state ownership affects corporate innovation through government subsidies and financing constraints. The results are as follows. First, the effect of state ownership on corporate innovation varies by share. Second, government subsidies and financing constraints act as chain multiple mediators between state ownership and corporate innovation; however, their mediating effects vary across shares of state ownership. Third, the direct effect of state ownership in different shares on corporate innovation is significantly stronger than the chain multiple mediating effects of government subsidies and financing constraints.
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