Combination Of Industry And Finance And Dual Innovation Of Enterprises

The report of the 20th CPC congress highlights the key position of innovation in China’s modernization drive and advocates the deep integration of the innovation chain,industry chain and capital chain.To achieve high-quality innovation in enterprises,it is necessary to promote the coordinated development of ’Entity Industry’ and ’Modern Finance’.In this context,this study focuses on the following four issues:first,since the joint efforts of the market and the government to promote the healthy development of the financial industry in China,what impact will the combination of industry and finance and its specific types have on dual innovation of enterprises facing the pressures of transformation and upgrading of industrial structure;second,considering the strong interdependence between industrial capital and financial capital,what paths will enterprises take to get involved in the financial field to produce economic consequences,and whether the combination of industry and finance can alleviate the financing constraints of enterprises and further promote dual innovation of enterprises;third,given that the benefits of combination of industry and finance could be impacted by the financial and industrial environment that enterprises face,it is important to investigate how external factors might affect the relationship between combination of industry and finance and dual innovation of enterprises.;fourth,the micro level of enterprises will also affect the relationship between industry-finance integration and ambidextrous innovation,and it is necessary to analyze the impact of the internal environment on the relationship between the two.This study used empirical research methods to test the impact of the combination of industry and finance on dual innovation of enterprises and related research.This study analyzed data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges panning the period of 2011 to 2021,leading to the identification of four key findings.Firstly,the results indicate that the combination of industry and finance significantly improves dual innovation of enterprises,and that the specific effects on dual innovation can vary depending on the type of the combination of industry and finance employed;further analysis indicates that the combination of industry and finance also promotes the synergy of dual innovation,and the path of enterprise combination of industry and finance plays a ’strong engine’ role in dual innovation activities of enterprises.Secondly,Important transmission mechanisms include the fact that the participation of listed companies in financial institutions will have a negative impact on the dual innovation of enterprises by reducing their financing constraints,and that the combination of industry and finance becomes an important "fund pool" in the dual innovation activities of enterprises.Thirdly,the relationship between the combination of industry and finance and dual innovation of enterprises is positively moderated by the level of competition within the enterprise’s industry and the degree of development of digital inclusive finance within its region,and both factors act as ’boosters’ for the integration’s impact.Finally,from the internal perspective,technical background of managers and internal control quality of enterprises will influence the relationship between the integration of industry and finance and dual innovation of enterprises,and the enterprise’s ’ballast stone’should be considered in its entirety.This study investigated the relationship between the combination of industry and finance and dual innovation of enterprises,testing the role of financing constraints as a pathway and the potential factors that may affect the moderating effect of both from external to internal perspective.This study has contributed to the advancement of research on the combination of industry and finance and dual innovation of enterprises,while offering relevant suggestions with both theoretical and practical significance.