| From the 18 th National Congress of the Communist Party of China to the 20 th National Congress of the Communist Party of China,innovation has always been emphasized as the most important position in development.Innovation is bound by the destiny of the country,the trend of the world,and the form of development.The essence of development is embodied in innovation.The main body of the national implementation of the innovation driven development strategy is enterprise innovation.The key to leading the new normal of economic development lies in enhancing the source power of sustainable innovation and improving the core competitiveness of enterprises.However,in an environment where development conditions are facing profound and complex changes and further development is facing new opportunities and challenges,the cultivation and improvement of core competitiveness pose new requirements for the breadth and depth of enterprise technological innovation.Enterprises should not only carry out exploratory innovation to enhance long-term core competitiveness,but also balance utilization innovation to improve short-term operational performance.The decision-making and deployment of dual innovation in enterprises has become an inherent requirement for high-quality development.However,enterprise innovation activities cannot be separated from financial capital support and financial market development,and the level of innovation investment depends on the size of financing capacity.When investing in R&D,enterprises are faced with issues such as uncertain returns on innovation investment,technology spillovers,and information asymmetry,making them face significant financing constraints.Therefore,whether innovation can become the first driving force for high-quality development,the key issue is to explore what kind of financing environment can drive the success of dual innovation activities.This paper takes listed companies with strong sustainability in innovative R&D investment in Shanghai and Shenzhen A-shares as an initial research sample to examine the impact of different external financing on corporate dual innovation and the difference in impact intensity.Based on this,it further explores the regulatory effects of stock market development,banking competition,and digital finance development on the relationship between different external financing methods and corporate dual innovation.The results show that:(1)Equity financing and Debt financing can significantly promote exploratory innovation and exploitative innovation in enterprises,and compared to exploitative innovation,Equity financing and Debt financing have a stronger promoting effect on exploratory innovation in enterprises.(2)The development of the stock market has significantly promoted exploratory and exploitative innovation in enterprises.With the improvement of the development level of the stock market,the promotion effect of Equity financing on dual innovation in enterprises has significantly increased,especially the positive impact on exploratory innovation.(3)A competitive banking structure is conducive to exploratory and exploitative innovation by enterprises.As competition in the banking industry intensifies,the positive promotion of Debt financing on exploratory innovation is significantly enhanced,but it is weaker in exploitative innovation.(4)The development of digital finance has a significant positive impact on enterprise exploratory innovation.The expansion of digital finance coverage and the improvement of its depth of use will enhance the positive impact on enterprise exploratory innovation,especially in the central and western regions;The improvement of the development level of digital finance has significantly enhanced the promotion effect of Equity financing on exploratory innovation,while the positive regulatory effect on utilization innovation is not significant.Digital finance has achieved this positive regulatory effect through the expansion of coverage and the improvement of use depth,and the effect is more obvious in the eastern region;The improvement of the development level of digital finance has significantly weakened the promotion effect of Debt financing on utilization innovation with low financing amount and time limit requirements,while the negative regulatory effect on exploratory innovation is not significant.Digital finance has achieved this negative regulatory effect through the expansion of coverage and the improvement of use depth,and the effect is more obvious in the eastern region.This study provides richer empirical evidence and policy recommendations for promoting dual innovation in enterprises,optimizing external financing structures,and improving the development of traditional financial markets and digital finance. |
PDF Full Text Request