English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

This paper offers an empirical analysis of the effects of financing channels on innovation and the regulatory effect of the enterprise life cycle based on data published from 2008 to 2017 on publicly traded companies in China. The results show that government subsidies, tax preferences, self-owned funds, and equity financing have significant positive incentives for enterprise innovation, and the incentive intensity is gradually weakened while bank loans will hinder enterprise innovation. The impacts of various financing channels on enterprise innovation vary with the different stages of the enterprise life cycle, and the overall performance is weakened with the advancement of the life cycle. According to the grouping research of property rights, it is found that the impacts of various financing channels on the innovation of non-state-owned enterprises are more significant than those of state-owned enterprises. Further research finds that the influence of each financing channel on enterprise innovation is U-shaped or inverted U-shaped, indicating that there is a moderate range of each financing channel. This study is of great significance to fully understand the impacts of various financing channels on enterprise innovation and the regulatory role of the enterprise life cycle and to optimize the allocation of innovation resources.

The Effects of Financing Channels on Enterprise Innovation and Life Cycle in Chinese A-Share Listed Companies: An Empirical Analysis