Corporate Technological Innovation Research Articles

Does the level of corporate finance affect corporate technological innovation?

As the main way for enterprises to obtain funds, the level of financing directly determines the amount of resources available for technological innovation. In this paper, we conduct an empirical research method based on the data of Chinese listed companies from 2009-2023 to explore in depth the impact of the level of corporate financing on the technological innovation activities of enterprises. It is found that there is a significant positive correlation between the level of corporate financing and its technological innovation capability. The empirical findings of this paper provide strong evidence for understanding the impact of the level of corporate finance on technological innovation, and provide useful references for enterprises to formulate scientific financing strategies and technological innovation planning.

A Study On The Impact of The Digital Economy on China’s Carbon Neutrality Capability

The digital economy is a new economic form driven by digital technology, which contains green and low-carbon effects and can promote the transition to a resource-saving and environmentally friendly society. This paper explores the impact of the digital economy on carbon neutrality capability using panel data from 30 provinces in China between 2013 and 2021and finds that the digital economy has a positive effect on carbon neutrality capability with non-linear characteristics. It has a positive and then a negative effect on carbon reduction capability, as well as a positive effect on carbon removal capability. The digital economy can aid various societal actors in enhancing carbon neutrality capability by promoting corporate technological innovation, encouraging public green consumption, and adjusting government environmental regulations.

Can government-guided funds promote corporate technology innovation? Evidence from the new energy automobile industry

A government-guided fund is a crucial policy instrument for fostering innovation in the new energy automotive industry. This article examines the stimulating impact and underlying mechanisms of government-guided funding on A-share new energy automotive listed firms from 2012 to 2022, using a difference-in-differences (DID) model. The finding suggests that government-guided funds can effectively stimulate corporate technology innovation activities. Mechanism tests reveal that government-guided funds can encourage corporate innovation by alleviating financial constraints and attracting research and development experts. Additionally, government-guided funds have varying effects on the technology innovation of different types of enterprises within the new energy automobile industry chain, including upstream, midstream, and downstream companies. The study's findings have specific policy implications for increasing government-guided fund assistance and optimizing fund investment direction.

Financial Service and Performance of Chinese Private Companies: The Mediating Role of Technological Innovation

Financial performance is one of the key essential elements of financial management. Therefore, this research is to investigate the effects of financial service on the financial performance of private listed firms in China and looks at how firm technological innovation plays a mediating role in this relationship. This study includes 4,635 private listed companies in China from 2013 to 2022 and adopts a robust fixed effects model for benchmark regression. In the robustness test, two-stage least squares, alternative proxies and time segmentation are used to back up the findings. It is found that financial service is significantly and positively related to firm financial performance. Moreover, there is a potential mediating mechanism of corporate technological innovation along this path of the influence of financial service on firm financial performance. The findings provide empirical evidence for private firms and related groups such as policymakers in China.

Speed up for sustainable development: High-speed rail and corporate ESG performance

With sustainability becoming a fundamental concept in development, there has been a growing emphasis on corporate environmental, social, and governance (ESG) performance. This paper examines how the high-speed railway (HSR) network would affect enterprises' ESG performance by constructing an indicator of HSR network advantages based on social network analysis (SNA). We found that the HSR network advantages can enhance corporate ESG performance, and this effect is achieved by alleviating financing constraints and promoting corporate technological innovation. Meanwhile, the effect of HSR network advantages on corporate ESG performance is more pronounced in private firms, low-polluting industries, and cities with high initial transportation resource endowments. Furthermore, we further examine the impact of the sub-dimensional characteristics of the HSR network on corporate ESG performance. We found that degree centrality (DC), betweenness centrality (BC), and closeness centrality (CC) all have a positive effect on enhancing firms' ESG performance, but closeness centrality (CC) produced the largest impact.

Digital transformation and synergistic reduction in pollution and carbon Emissions——An analysis from a dynamic capability perspective

Pollution control and carbon emission reduction pose significant challenges for developing countries, and achieving synergistic reductions in pollution and carbon emissions (SRPCs) has emerged as the optimal choice. Digitization, a prevailing trend in the current era, presents new opportunities for realizing the SRPC. We utilize data from Chinese A-share listed companies from 2007 to 2022 to investigate the impact of corporate digital transformation on the SRPC. The research reveals the following. (1) Enterprise digital transformation significantly promotes the SRPC, a conclusion validated through a series of robustness tests. However, the SRPC resulting from digital transformation is characterized by weak synergy, which is primarily observed in the coordinated reduction in air pollution and carbon emissions. (2) This effect is notably stronger for companies near environmental regulatory authorities, those receiving government environmental subsidies, and state-owned enterprises (SOEs). (3) Enhancing managerial collaborative management capabilities, promoting corporate technological innovation capabilities, and alleviating financing pressure are the primary mechanisms at play. This research provides important policy and practical insights for promoting the SRPC in the context of digitization, fostering sustainable development.

Impact of auditing information technology modernization on corporate technological innovation investment: The roles of risk perception and internal control

This paper uses China's Golden Audit Project as a quasi-natural difference-in-differences experiment to empirically test the impact of the increasingly information technology-dependent national audit process on corporate technological innovation. The empirical results indicate that the process significantly increases the level of corporate technological innovation, which is amplified by improving the level of internal controls. These conclusions have important implications for understanding the economic consequences of improved auditing technology.

Reaping Digital Dividends: The Impact of Supply Chain Finance on Corporate Technological Innovation in China

ABSTRACT As a new type of financial service, supply chain finance closely relates to the production and innovation behaviors of micro-size enterprises. This research thus explores whether and how supply chain finance affects corporate technological innovation. Using a sample of China’s A-share listed companies from 2013 to 2020, the results show that (1) supply chain finance significantly enhances the technological innovation of enterprises; (2) the beneficial effect of supply chain finance on enterprises’ cooperative innovation is more pronounced compared to that on independent innovation; (3) mechanism tests find that supply chain finance promotes enterprise innovation by alleviating financing constraints and adjusting supply chain relationships; and (4) this promotion effect is stronger for private enterprises, small-scale enterprises, in west regions, and for regions with a high level of digital financial development. Our empirical results thus enrich the literature, provide insights into the optimization of supply chain finance development, and can help improve the financial regulatory framework.

Does regional culture of integrity impact corporate total factor productivity? Evidence from China

AbstractThis study examined Chinese A‐share listed companies in Shanghai and Shenzhen from 2016 to 2020 to explore the relationship between regional culture of integrity (COI) and enterprise total factor productivity (TFP) and the internal mechanism of regional COI on TFP. The findings showed that regional COI is conducive to promotion of TFP. The mechanism test revealed that optimizing the business environment, promoting corporate technological innovation, and reducing transaction costs are three essential mechanisms. Further, the results indicated that the enhancement effect of regional COI on TFP is more significant in non‐SOEs and enterprises with high financing constraints.

Strategizing in a turbulent world: Analyzing the effects of international sanctions and policy shifts on corporate innovation

This study examines the impact of international sanctions and policy shifts on the technological innovation of non-financial publicly listed companies in China from 2007 to 2022. It articulates the theoretical mechanisms through which international sanctions affect corporate technological innovation, considering aspects of international trade and capital flows. The findings indicate that international sanctions significantly inhibit corporate innovation, whereas policy shifts substantially foster it. Moreover, international sanctions can restrict corporate innovation through limitations on international trade and capital flows. Based on these findings, the study proposes relevant recommendations.

ESG performance and corporate technology innovation: Evidence from China

With the concept of sustainable development and innovation-driven development strategy proposed in China, as well as the promotion of the concept of ESG, which takes into account both economic and social benefits, it is of great theoretical and practical significance to study how ESG empowers both internal management and external investors, and ultimately enhances corporate technological innovation (CTI). This paper takes Chinese A-share listed companies from 2010 to 2021 as the research object, and tries to study the impact of ESG performance on CTI and its mechanism based on the perspective of innovation process. It is found that: (1) ESG performance can effectively promote the intensity of R&D investment, innovation output and quality of enterprises, and this conclusion still holds after a series of robustness tests. (2) The innovation incentive effect of ESG performance is more obvious in enterprises in traditional industries, manufacturing industries and heavy pollution industries; (3) ESG performance mainly affects CTI through alleviating enterprise financing constraints, improving enterprise market expectations and gathering high-end research talents. The above findings have important implications for optimizing corporate ESG disclosure mechanisms and promoting CTI through process optimization.

Measures for Investment Risk Management of Enterprise Technological Innovation Projects

Enterprise technological innovation project investment risk management refers to the enterprise taking a series of measures to manage and control possible investment risks when making technological innovation project investment decisions. Investment risks in technological innovation projects refer to various risks that may have a negative impact on investment due to the uncertainty of technological innovation and changes in the market environment. This article, from an industry professional perspective, analyzes and discusses measures for investment risk management of corporate technological innovation projects.

Research on the Impact of High-Tech Enterprise Certification Policy on Corporate Technological Innovation: An Empirical Study Based on Listed Company Data

Research on the Impact of High-Tech Enterprise Certification Policy on Corporate Technological Innovation: An Empirical Study Based on Listed Company Data

How corporate technological innovation social responsibility leads to better radical technological innovation: an intellectual capital perspective

PurposeCorporate social responsibility (CSR) is regarded as the driving factor of innovation. However, corporate technological innovation social responsibility’s (CTISR) role and effect mechanism in leveraging radical technological innovation (RTI) has been limited. The purpose of this study is to investigate the relationships between CTISR and RTI and the moderating effect of intellectual capital and institutional support on CTISR and RTI.Design/methodology/approachGrounded in resource-based view, a research model including CTISR, intellectual capital, institutional support and RTI is proposed Content analysis is performed on the CSR reports of Chinese companies that have been publicly listed published from 2008 to 2022, to measure each company’s CTISR. A regression analysis was then applied to relate CTISR, intellectual capital and institutional support to firm-specific variables to determine their relevance and influence on RTI.FindingsResults indicate that CTISR is positively related to RTI. The results also indicate that human capital, structural capital and institutional support strengthen this positive relationship. Furthermore, institutional support strengthens the positive interaction effect of human capital with CTISR and structural capital with CTISR, respectively.Originality/valueThis research explores the relationships among CTISR, intellectual capital, institutional support and RTI in a comprehensive model, which is the first known study to highlight that CTISR can enhance RTI and gives managers implications on how to align corporate technological innovation while pursuing RTI.

Digital knowledge management effect on enterprise technological innovation: an empirical study from China’s manufacturing industry

ABSTRACT With digital technology permeating across the layers of businesses, digital knowledge management has emerged, transforming the means through which companies acquire, integrate, share, and innovatively apply knowledge. However, the specific impact of digital knowledge management on corporate technological innovation remains unclear. Based on dynamic capabilities theory, this study delves into how digital knowledge management influences corporate technological innovation. Analyzing data from manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2021, this study confirms that digital knowledge management significantly and positively affects corporate technological innovation by enhancing a company's absorptive capacity, adaptability, and innovation ability. Based on the findings, this study suggests that companies should leverage digital knowledge management to acquire and integrate external innovative resources, seek cooperation opportunities with external stakeholders, and jointly build a mutually beneficial innovation knowledge network, thereby boosting technological innovation capabilities. Additionally, companies should encourage employees to learn digital technologies and create a culture conducive to learning and innovation.

Network news reporting, information transparency, and corporate technological innovation

This study analyses the relation between network news reporting, information transparency, and corporate technological innovation. Results indicate that network news reporting can promote corporate technological innovation with information transparency playing an intermediary role. These findings are supported by robustness tests and endogeneity analyses. Heterogeneity analyses show that the technological innovation promotion effect of network news coverage was more significant for corporations with low information transparency than for those with high information transparency.

The impact of environmental protection tax on corporate performance: A new insight from multi angles analysis

This study investigates the practical effects of adopting the environmental protection tax (EPT) policy on corporate performance in China. The analysis uses the Difference in Differences (DID) approach based on a quasi-natural experiment scenario. The findings indicate there is a negative impact of implementing the EPT policy on the financial performance of corporations, and the conclusion remains unchanged despite exhaustive robustness testing. The negative impact can be partly attributed to corporate technology innovation inputs. Meanwhile, enterprise property rights, pollution, and technical levels also substantially influence the implementation effect of the legislation. However, implementing this policy has improved corporations’ environmental performance and established its efficacy in enhancing their sustainable capabilities. This study comprehensively explores the impact of environmental control legislation on business performance, spanning financial, environmental, and social dimensions. Corresponding findings offer valuable insights into how firms react to environmental legislation and adjust to the external environment. Meanwhile, it also provides an objective reference for the comprehensive green transformation.

Banking competition, credit financing and the efficiency of corporate technology innovation

Based on the data spanning 2010 to 2022, this study delves into how banking competition impacts the efficiency of enterprise science and technology innovation by lowering credit costs, enhancing credit availability, optimizing credit allocation, and offering empirical evidence for the significant role of banking competition in influencing corporate technology innovation efficiency. This paper concludes that increased competition in the banking sector notably impacts corporate technology innovation efficiency. Banking competition alters the traditional relationship-based lending model, enhancing banks' ability to assess risks and support innovative projects by enterprises, encouraging enterprises to enhance innovation quality and boost research and development investments, leading to a learning curve effect on innovation and enhancing the efficiency of technology innovation. Mechanism analysis reveals that credit financing plays an intermediary role. Competition in the banking sector leads to lower costs and increased availability of bank credit for research and development in enterprises. It helps address the issue of limited finance for innovation in enterprises, encourages larger-scale innovation, and enhances innovation efficiency. Banking rivalry has a role in enhancing corporate technology innovation efficiency, which is influenced by the environment to a certain extent.

The impact of ESG performance on firms’ technological innovation: evidence from China

Technological innovation is crucial for creating sustainable corporate value and shaping competitive advantage in the market. ESG, as an indicator of corporate value practices, plays a significant role in enterprise technological innovation. However, there is little empirical evidence to support this claim. This study analyzes the relationship between ESG performance and technological innovation in Chinese A-share listed enterprises from 2011 to 2021. The statistical data shows that strong ESG performance has a significant positive impact on corporate technological innovation. ESG performance can promote corporate technological innovation through external mechanisms, such as enhancing corporate network location and increasing institutional shareholding. Additionally, internal mechanisms, such as reducing labor costs and easing financing constraints, can also promote corporate technological innovation. The impact of ESG performance on corporations exhibits heterogeneity, with ESG performance promoting innovation more strongly among labor-intensive firms, non-state-owned firms, highly competitive industries, and mature firms. Based on the study results, it is recommended that enterprises actively practice ESG development concepts, optimize their equity structure, strengthen information communication with stakeholders, and alleviate problems such as information asymmetry to improve their technological innovation. The government should focus on enterprise characteristics, improve ESG development policies, and promote enterprise innovation through ESG performance.

Study on the impact of regional carbon emissions on enterprise technological innovation under the background of low-carbon transformation in China

Low-carbon transition, as the backbone of corporate innovation drive, has an important strategic position globally. In order to avoid heterogeneous intercepts related to explanatory variables or interfering with each other, this paper empirically examines the impact of regional carbon emissions on corporate technological innovation and its mechanism based on the data of listed companies in China from 2009 to 2020, using a fixed-effects model. It is found that 1) the reduction of regional carbon emissions is favourable to corporate technological innovation; 2) in terms of the impact mechanism, the reduction of regional carbon emissions promotes corporate technological innovation by enhancing R&D investment and reducing financing constraints. 3) Based on the study of heterogeneity, it is found that: from the perspective of spatial distribution, regional carbon emissions show the phenomenon of “high on both sides and low in the middle”; state-owned enterprises refer to wholly state-owned enterprises, wholly state-owned companies and state-owned capital holding companies in which the State Council and the local people’s governments respectively perform the responsibilities of funders on behalf of the state. In terms of the nature of equity, compared with state-owned enterprises, regional carbon emissions have a greater impact on the technological innovation of non-state-owned enterprises. 4) Further analysis reveals that the low-carbon city pilot policy is conducive to regional carbon emission reduction. Through the comparison before and after the implementation of low carbon policy, this paper reliably verifies that the introduction of urban carpet policy is conducive to regional carbon emissions, and explores the issue of enterprise technological innovation from the perspective of low carbon transformation, providing theoretical support for the carbon emission reduction efforts and the improvement of the technological innovation capacity of different enterprises. At the same time, it fully affirmed the important role of regional carbon emissions, continued to deepen the process of green transformation of enterprises, and boosted the high-quality development of low-carbon enterprises.