Inclusive Digital Finance, External Financing, and High-Tech Enterprise Innovation Performance

2021 ◽  
Vol 7 (6) ◽  
pp. 6555-6571
Author(s):  
Han Huiyuan ◽  
Gu Xiaomin
Keyword(s):  
Yangtze River Delta ◽  
Debt Financing ◽  
Innovation Performance ◽  
Financial Inclusion ◽  
High Tech ◽  
External Financing ◽  
Equity Financing ◽  
Financing Policy ◽  
Peking University ◽  
Enterprise Innovation

This study investigates the relationship between digital financial inclusion, external financing, and the innovation performance of high-tech enterprises in China. The present analysis utilizes the panel data from 2011 to 2018 of 114 companies in the Yangtze River Delta region and the "The Peking University Digital Financial Inclusion Index of China” (PKU-DFIIC) released by the Peking University Digital Finance Research Center and Ant Financial Group. The results show that the Digital Financial Inclusion Index (DFIIC) has a significant positive correlation with the innovation performance of high-tech enterprises.The higher the level of debt financing, the stronger the role of digital financial inclusion in promoting innovation performance. Investigating the DFIIC in terms ofcoverage breadth and usage depth, we find that usage depth does not significantly encourage innovation performance. The effect of the interaction between coverage breadth and external financing is consistent with the results for the DFIIC.The study suggest that equity financing promotes the usage depth of the DFIIC in state-owned enterprises. In contrast, debt financing promotes the coverage breadth of non-state-owned enterprises. Finally, we propose relevant policy recommendations based on the research results. It includes in-depth popularization of inclusive finance in the daily operations of enterprises at the technical level, refinement of external financing policy incentives for enterprises based on the characteristics of ownership, and strengthening of the research of technologies such as big data, Al, and cloud computing.

scholarly journals Linkage Between Inclusive Digital Finance and High-Tech Enterprise Innovation Performance: Role of Debt and Equity Financing

2021 ◽  
Vol 12 ◽  
Author(s):  
Huiyuan Han ◽  
Xiaomin Gu
Keyword(s):  
Resource Dependence ◽  
Resource Dependence Theory ◽  
Debt Financing ◽  
Innovation Performance ◽  
Financial Inclusion ◽  
High Tech ◽  
External Financing ◽  
Equity Financing ◽  
Peking University

This study investigates the relationship between digital financial inclusion, external financing, and the innovation performance of high-tech enterprises in China. The choice of corporate financing methods is an important part of organizational behavioral psychology, and different financing models will have a certain effect on organizational performance, especially in the digital economy environment. Therefore, based on resource dependence theory and financing constraint theory, the present study utilizes the panel data collected from the China Stock Market & Accounting Research (CSMAR) database from 2011 to 2020 of 112 companies in the Yangtze River Delta region and the “The Peking University Digital Financial Inclusion Index of China (PKU-DFIIC)” released by the Peking University Digital Finance Research Center and Ant Financial Group. The results show that the Digital Financial Inclusion Index (DFIIC) has a significant positive correlation with the innovation performance of high-tech enterprises. The higher the level of debt financing, the stronger the role of digital financial inclusion in promoting innovation performance. Investigating the DFIIC in terms of coverage breadth and usage depth, we find that usage depth does not significantly encourage innovation performance. The effect of the interaction between coverage breadth and external financing is consistent with the results for the DFIIC. The study suggests that equity financing promotes the usage depth of the DFIIC in state-owned enterprises. In contrast, debt financing promotes the coverage breadth of non-state-owned enterprises. Finally, we propose relevant policy recommendations based on the research results. It includes in-depth popularization of inclusive finance in the daily operations of enterprises at the technical level, refinement of external financing policy incentives for enterprises based on the characteristics of ownership, and strengthening the research of technologies such as big data, artificial intelligence (AI), and cloud computing. The paper presents a range of theoretical and practical implications for practitioners and academics relevant to high-tech enterprises.

scholarly journals Government Subsidies and Firm Technological Innovation Performance: An Empirical Study Based on Panel Data of High-tech Firms

2021 ◽  
Vol 275 ◽  
pp. 03070
Author(s):  
Kun Xie ◽  
Zhengluan Zhang
Keyword(s):  
Technological Innovation ◽  
Market Competition ◽  
Economic Transformation ◽  
Moderating Effect ◽  
Innovation Performance ◽  
Ownership Concentration ◽  
High Tech ◽  
Government Subsidies ◽  
Enterprise Innovation ◽  
The Government

Can government subsidies improve enterprises’ technological innovation performance? Based on the A-share high-tech listed enterprises in Shanghai and Shenzhen Stock Exchange from 2015 to 2019, this paper empirically tests the micro policy effect of government subsidies on innovation performance of enterprises under the background of economic transformation, and the moderating effect of regional corruption, market competition and enterprise ownership concentration on this effect. The results show that the high quality signal transmitted by government subsidies is helpful for innovative enterprises to broaden the source of innovation resources and encourage enterprises to actively carry out innovative activities. Moderate level of regional corruption will promote the government subsidy effect, too high or too low level of corruption is not conducive to enterprise innovation; The higher the degree of market competition, the weaker the promoting effect of government subsidies on enterprise innovation; Corporate ownership concentration has a U-shaped moderating effect on government subsidies and innovation performance. Therefore, to improve the independent innovation ability of enterprises, on the one hand, we should continue to strengthen the government innovation subsidy and improve the subsidy system; on the other hand, we should strictly crackdown on corruption activities and supervise the establishment and improvement of the internal control system of enterprises, so as to give full play to the effect of government subsidies.

scholarly journals The Influence of Inter-Enterprise Knowledge Heterogeneity on Exploratory and Exploitative Innovation Performance: The Moderating Role of Trust and Contract

2020 ◽  
Vol 12 (14) ◽  
pp. 5677
Author(s):  
Chen Tao ◽  
Yiying Qu ◽  
Hao Ren ◽  
Zhuopin Guo
Keyword(s):  
Market Competition ◽  
Network Governance ◽  
Innovation Performance ◽  
High Tech ◽  
Alliance Network ◽  
Enterprise Innovation ◽  
The Relationship ◽  
Positive Effect ◽  
Moderating Role

Improving enterprise innovation performance is key for enterprises to obtain sustainable competitiveness. With the increasingly fierce market competition of technological and product innovation, acquiring external heterogeneous knowledge of alliance enterprises becomes core to improving innovation performance. In this paper, we constructed a theoretical model to present the effect of inter-enterprise knowledge heterogeneity and alliance network governance mechanisms on enterprise innovation performance. We selected high-tech enterprises as the research object for empirical research and reached the following conclusions: (1) Inter-enterprise knowledge heterogeneity has a positive effect on exploratory and exploitative innovation performance, and (2) trust and contract have a moderating effect on the relationship between inter-enterprise knowledge heterogeneity and enterprise innovation performance.

scholarly journals Whether the Innovation Policy Will Really Improve Enterprise’s Innovation Performance— Mediating Role of Ambidextrous Learning

2018 ◽  
Vol 11 (9) ◽  
pp. 96
Author(s):  
Wang Dongling ◽  
Kelvin C.K. Lam
Keyword(s):  
Innovation Policy ◽  
Innovation Performance ◽  
High Tech ◽  
Mediating Role ◽  
Innovation Activities ◽  
Enterprise Innovation ◽  
The Government ◽  
The Impact ◽  
Government Innovation

As the scope embodiment of public policy in specific fields, the government innovation policy is essentially a system arrangement and rule design and it plays an external guidance and incentive effect on the enterprises’ innovation activities. Whether the innovation policy will really promote the improvement of enterprises’ innovation performance and how it is realized have not reached the conclusion among theorists. As such the aim of this research is to test the relationships between innovation policy and enterprises’ innovation performance with the aim of contributing to help the government adjust policies and improve the innovation performance of enterprises. Based on the data of high-tech enterprises in Shandong Province in 2017, this paper studied the impact mechanism of innovation policy on enterprise innovation performance through regression analysis. The paper found that the innovation policy has a significant impact on enterprise innovation performance, and the ambidextrous learning plays a mediating role in this process.

Effects of technology lock-in on enterprise innovation performance

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Li Zhao ◽  
Jianxin Sun ◽  
Ling Zhang ◽  
Pengfei He ◽  
Qiulu Yi
Keyword(s):  
Technological Innovation ◽  
Path Dependence ◽  
Economies Of Scale ◽  
Management Strategies ◽  
Innovation Performance ◽  
High Tech ◽  
Content Type ◽  
Different Types ◽  
Enterprise Innovation ◽  
Lock In

PurposeThis study explores the effects of different types of technology lock-in on enterprise innovation performance. On this basis, the authors aim to provide technological innovation suggestions for the long-term development of Chinese enterprises.Design/methodology/approachA total of 211 high-tech enterprises in China were taken as the research sample. Data were collected through questionnaire surveys and secondhand data. Linear and nonlinear regression models were used to test the hypotheses.FindingsDifferent types of technology lock-in had different effects on enterprise innovation performance. Initiative lock-in and passive lock-in showed an inverted U-shaped relationship with innovation performance. Economies of scale were positively correlated with innovation performance, while self-lock-in was negatively correlated with it.Practical implicationsThis research can help enterprises reconceptualize technology lock-in. It can also help enterprises in different stages of development carry out targeted technological innovation and management strategies.Originality/valueThis research enriches our understanding of technology lock-in. By breaking with previous conceptualizations of a simple linear relationship between technology lock-in and innovation performance, this study proposes and confirms different technology lock-in has different relationships with enterprise innovation performance. This study is important for enterprises to reassess their technology lock-in state and carry out targeted technological innovation strategies. This research enriches the theory of path dependence and its combination with other theories. And this study also reveals the current research on technology lock-in is insufficient.

Research on the Influential Factors of Agricultural High-Tech Enterprises Debt Acquisition: Based on Multivariate Linear Regression Analysis

2014 ◽  
Vol 926-930 ◽  
pp. 4437-4440
Author(s):  
Shi Yin ◽  
Qian Jie Li
Keyword(s):  
Linear Regression Analysis ◽  
Influential Factors ◽  
Debt Financing ◽  
High Tech ◽  
Multivariate Linear Regression Analysis ◽  
Financing Policy ◽  
Revenue Growth ◽  
Asset Value ◽  
Net Profit ◽  
Inventory Turnover

In this paper, agricultural high-tech data for the 2010 to 2012 sample, I will use multiple regression to analysis the factors which affect agricultural high-tech debt financing. The empirical results show that: firm size, asset-liability ratio, revenue growth, asset value and debt financing secured a positive correlation, earnings per share, cash flow and debt financing debt ratio negatively correlated, while the quick ratio, net profit, inventory turnover rate of return on net assets and debt financing, have no significant correlation. Finally, based on the above analysis, I will propose some recommendations on the promotion of agricultural high debt financing policy.

scholarly journals The Effect of Simmelian Ties on Innovation Performance of High-Tech Enterprises: Based on Knowledge Perspective

2020 ◽  
Author(s):  
Fengshu Li ◽  
Ranran Zhou
Keyword(s):  
Knowledge Integration ◽  
Positive Impact ◽  
Theoretical Models ◽  
Business Environment ◽  
Innovation Performance ◽  
High Tech ◽  
Mediating Role ◽  
Enterprise Innovation ◽  
Management Capabilities ◽  
Simmelian Ties

In an innovation driven business environment, cross-border access to resources is important for companies to improve innovation capabilities and development performance. Based on the previous research, it shows that there are barriers to cross domain communication among alliance firms because of the restriction of multidimensional ties and dyads. Simmelian ties, as a form of alliance network with ternary connections, it effectively restrained opportunism and self-interest in the cooperation process and take a crucial role to evaluate innovation related performance in corporation. Based on the theory of Simmelian, this paper builds a theoretical framework and proposes corresponding research hypotheses between Simmelian ties and enterprise innovation performance. After designing questionnaires, collecting data and conducting empirical analysis to test theoretical models and hypotheses. Results have shown that: (1) Simmelian ties generally have a positive impact on enterprise innovation performance. (2) Knowledge capturing and knowledge integration play a partial intermediary role between Simmelian ties and enterprise innovation performance, and the mediating chain formed by the two variables plays a serial mediating role in the effect. (3) Network routines significantly positively moderates the relationship between Simmelian ties and knowledge capturing. And also, the positive relationship between Simmelian ties and enterprise innovation performance is also actively moderated by network routines. The conclusion of this study is meaningful for companies to establish of Simmelian ties, improve knowledge management capabilities and further promote enterprise innovation performance.

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