Digital finance, absorptive capacity and enterprise dual innovation: an empirical analysis on mediation and threshold effects
Digital finance, absorptive capacity and enterprise dual innovation: an empirical analysis on mediation and threshold effects
Li Yongkui(School of Economics, Southwest University of Political Science); Liu Xiaokang(School of Economics, Southwest University of Political Science); Zhao Qingbin(School of Economics, Southwest University of Political Science)
31권 2호, 447~478쪽
초록
Based on the data of listed companies in Chinese A stock marketbetween 2011 and 2020, This paper discusses the empiricalanalysis of digitalfinance on enterprise dual innovation byadopting the mediating effect model and threshold regressionmodel, and estimates the mediation and threshold effects ofabsorptive capacity among them. Our studyfind that thedevelopment of digitalfinance exerts a significant positive effecton enterprise dual innovation. Compared with exploitativeinnovation, digitalfinance exhibits a greater promoting effect onexploratory innovation. Absorptive capacity displays a greatermediating effect between digitalfinance and exploratoryinnovation, and exploitative innovation reveals a significantpositive effect on exploratory innovation. There is non-linearrelationship between digitalfinance and corporate dualinnovation, and the promotion effect shows a leaping growthpattern and significant threshold effect. The heterogeneityanalysis from the perspective of property rights and enterprisesize shows that the incentive effect of digitalfinancedevelopment on enterprises dual innovation is mainly reflected innon-state-owned enterprises and small and medium-sizedenterprises. This research expands the relevant theories ofcorporate innovation and digitalfinance, to provides empiricalevidence for corporate decision-making.
Abstract
Based on the data of listed companies in Chinese A stock marketbetween 2011 and 2020, This paper discusses the empiricalanalysis of digitalfinance on enterprise dual innovation byadopting the mediating effect model and threshold regressionmodel, and estimates the mediation and threshold effects ofabsorptive capacity among them. Our studyfind that thedevelopment of digitalfinance exerts a significant positive effecton enterprise dual innovation. Compared with exploitativeinnovation, digitalfinance exhibits a greater promoting effect onexploratory innovation. Absorptive capacity displays a greatermediating effect between digitalfinance and exploratoryinnovation, and exploitative innovation reveals a significantpositive effect on exploratory innovation. There is non-linearrelationship between digitalfinance and corporate dualinnovation, and the promotion effect shows a leaping growthpattern and significant threshold effect. The heterogeneityanalysis from the perspective of property rights and enterprisesize shows that the incentive effect of digitalfinancedevelopment on enterprises dual innovation is mainly reflected innon-state-owned enterprises and small and medium-sizedenterprises. This research expands the relevant theories ofcorporate innovation and digitalfinance, to provides empiricalevidence for corporate decision-making.
- 발행기관:
- 기술경영경제학회
- 분류:
- 과학기술학