Abstract
Financial market development provided enterprises with more financing options, which affected their innovation activities. This study is based on 1,274 manufacturing companies. We found a significant inverted U-shaped relationship between enterprise financialization and ambidextrous innovation, and financing constraints can negatively regulate this relationship. The inverted U-shaped impact was more significant in enterprises with large-scale financial backgrounds and low innovation willingness. This study provides targeted guidance for improving corporate innovation.
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