Financing Constraints Of Enterprises Research Articles

The impact of government subsidies on R&D investment of listed companies in China's new energy vehicle industry-based on the perspective of industrial chain

ABSTRACT Over the past decade, Chinese government has invested large amounts of government subsidies to support the development of new energy vehicle (NEV) industry. Whether the government subsidy has achieved the expected effect and how to further adjust the subsidy policy to better promote the development of the NEV industry have received wide attention. This paper considers the characteristics of technological innovation and financing constraints of enterprises at different position of the NEV industry chain, and empirically test the incentive effect of government subsidies on R&D investment from the perspective of the industry chain. The research findings show that government subsidies promote the R&D investment of all enterprises in the NEV industry chain, however, the promotion effect on upstream and midstream enterprises is more significant. With the reduction of consumption subsidies, the promotion effect of government subsidies on the R&D investment of listed companies in the NEV industry has been strengthened. Further research finds that government subsidies promote R&D investment by alleviating the financing constraints of upstream and midstream enterprises. There is an industry chain synergy effect in the technological innovation of new energy vehicle enterprises, and government subsidies can promote this synergistic effect from upstream to downstream.

Empirical Analysis of Financing Efficiency and Constraints Effects on the Green Innovation of Green Supply Chain Enterprises: A Case Study of China

Along with the deterioration of environmental problems, the green supply chain has become an important strategy for Chinese enterprises to improve their competitiveness in the global market. Most enterprises in green supply chains have promoted their green innovation and thus have improved their green performance by managing upstream and downstream enterprises. However, the green innovation capability might be also related to the financing efficiency and financing constraints of enterprises. To reveal the impact of financing efficiency and financing constraints on corporate green innovation, we conducted an empirical study. We considered a sample of 120 listed companies of the green supply chain from 2018 to 2020. The financing efficiency score was calculated using the input–output analysis method of data envelopment analysis, while the financing constraint score was measured using the financing constraints model. Further, multiple linear regression was used to estimate the regression coefficient and investigate the impacts of financing efficiency and financing constraints on corporate green innovation. The results show that a higher financing efficiency can promote green innovation and the financing constraints can limit the green innovation of green supply chain enterprises. Afterward, we provide a summary of innovation embedded in green supply chains.

Tax Cuts and Fee Reductions and Corporate Financing Constraints: Incentive or Restraint? -- Data of a-share listed manufacturing companies from 2011 to 2020

In recent years, major events such as trade frictions between China and the US and the outbreak of COVID-19 have increased economic uncertainties and impacted corporate financing accordingly. To this end, our government implements active tax and fee reduction policies to stimulate the development of enterprises, especially manufacturing enterprises. Tax reduction and fee reduction can have an impact on the financing constraints of enterprises by reducing the burden of capital use. Therefore, it is an important practical issue to discuss whether tax and fee reduction policies can effectively alleviate the insufficient financing constraints faced by manufacturing enterprises in a highly uncertain environment. Therefore, based on the data of a-share listed manufacturing enterprises from 2011 to 2020, this paper will discuss the relationship between tax and fee reduction policies and financing constraints and analyze their possible influence channels, thus providing a basis for the formulation of relevant policies.

Research on the Impact of Urban Rail Transit on the Financing Constraints of Enterprises from the Perspective of Sustainability

Urban rail transit (URT) is closely related to the sustainable development of the city. In addition to the traffic improvements, it also brings social and economic benefits. From the perspective of sustainability, we discuss the effect of urban rail transit on financing constraints of companies listed on the China A-share stock market (A-share, common stocks issued by companies registered in China for domestic institutions, organizations or individuals to subscribe and trade in RMB) and further explore whether the level of financial development has an effect on the above relationship. The results show that: (1) Financing constraints are common among sample enterprises, and the later the opening year of urban rail transit, the greater the degree of financing constraints; (2) The development of urban rail transit is beneficial to alleviate the level of financing constraints of listed companies, and this mitigating effect mainly exists in the samples with high relevance to urban rail transit; (3) The higher the level of financial development, the smaller the degree of corporate financing constraints; (4) Financial development may influence the relationship between financing constraints and urban rail transit. With the improvement of the financial development level, the alleviating effect of urban rail transit on corporate financing constraints is less pronounced. This study gives some references to improve the financing constraints of listed companies and for promoting the sustainable development of urban rail transit.

The Division of Labor is Limited by the Extent of the Market

The Division of Labor is Limited by the Extent of the Market