Diversified Financing, Financing Constraints and Firm Innovation Investment

Diversified Financing, Financing Constraints and Firm Innovation Investment

(Pages 2118-2127)

Guomin Hao¹, Hui Guo^2,*, Huayu Shen^3,* and XinRong Hao⁴
¹College of innovation, North-Chiang Mai University, Chiang Mai, Tailand;, ZhongShenZhongHuan Certified Public Accountants, Beijing, China.
²College of Innovation, North-Chiang Mai University, Chiang Mai, Tailand.
³North China Electric Power University, Beijing, China; College of innovation, North-Chiang Mai University, Chiang Mai, Tailand.
⁴The NCS Testing Technology Co., Ltd, Beijing, China.
DOI: https://doi.org/10.55365/1923.x2023.21.228

Abstract:

Taking Chinese listed companies from 2007 to 2021 as samples, this paper uses panel fixed effect regression model to explore the effect and mechanism of diversified financing on corporate innovation investment. The results show that: external borrowing financing intensity, bond financing intensity, seasoned equity offerings financing, retained earnings ratio and corporate innovation investment are significantly negatively correlated at least at the level of 10%, while equity placement financing and corporate innovation investment are not significantly correlated. Further research shows that: financing constraint is one of the important mechanisms that external borrowing financing intensity, bond financing intensity, seasoned equity offerings financing, and retained earnings ratio affect corporate innovation investment.

Keywords:

External borrowings, bonds, seasoned equity offerings , retained earnings, corporate innovation.

How to Cite:

Guomin Hao, Hui Guo, Huayu Shen and XinRong Hao. Diversified Financing, Financing Constraints and Firm Innovation Investment. [ref]: vol.21.2023. available at: https://refpress.org/ref-vol21-a228/

Licensee REF Press
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