{"title":"商业环境优化与企业可持续创新：来自中国的证据","authors":"Zhanyong Liang , Kangquan Qiu , Jiakun Zhuang , Qingyang Zhang","doi":"10.1016/j.frl.2024.106441","DOIUrl":null,"url":null,"abstract":"<div><div>Based on our analysis of samples of Chinese A-share listed companies from 2013 to 2021, we find that optimizing the urban business environment significantly promotes corporate sustainable innovation. This finding remains unchanged after a series of robustness tests. The mechanism analysis shows that business environment optimization improves corporate sustainable innovation by reducing perception of uncertainty, alleviating financial constraints and attracting innovative talent. The heterogeneity analysis further demonstrates that the effect is more pronounced in non-state-owned, large and high-tech companies. This article enriches the research on the influencing factors of corporate sustainable innovation and the economic impacts of business environment optimization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106441"},"PeriodicalIF":7.4000,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Business environment optimization and corporate sustainable innovation: Evidence from China\",\"authors\":\"Zhanyong Liang , Kangquan Qiu , Jiakun Zhuang , Qingyang Zhang\",\"doi\":\"10.1016/j.frl.2024.106441\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Based on our analysis of samples of Chinese A-share listed companies from 2013 to 2021, we find that optimizing the urban business environment significantly promotes corporate sustainable innovation. This finding remains unchanged after a series of robustness tests. The mechanism analysis shows that business environment optimization improves corporate sustainable innovation by reducing perception of uncertainty, alleviating financial constraints and attracting innovative talent. The heterogeneity analysis further demonstrates that the effect is more pronounced in non-state-owned, large and high-tech companies. This article enriches the research on the influencing factors of corporate sustainable innovation and the economic impacts of business environment optimization.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"71 \",\"pages\":\"Article 106441\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-11-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324014703\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324014703","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
摘要
基于对 2013 年至 2021 年中国 A 股上市公司样本的分析，我们发现优化城市商业环境能显著促进企业的可持续创新。经过一系列稳健性检验后，这一结论保持不变。机理分析表明，商业环境优化通过降低不确定性感知、缓解财务约束和吸引创新人才来改善企业的可持续创新。异质性分析进一步表明，这种效应在非国有企业、大型企业和高科技企业中更为明显。本文丰富了对企业可持续创新影响因素和商业环境优化的经济影响的研究。
Business environment optimization and corporate sustainable innovation: Evidence from China
Based on our analysis of samples of Chinese A-share listed companies from 2013 to 2021, we find that optimizing the urban business environment significantly promotes corporate sustainable innovation. This finding remains unchanged after a series of robustness tests. The mechanism analysis shows that business environment optimization improves corporate sustainable innovation by reducing perception of uncertainty, alleviating financial constraints and attracting innovative talent. The heterogeneity analysis further demonstrates that the effect is more pronounced in non-state-owned, large and high-tech companies. This article enriches the research on the influencing factors of corporate sustainable innovation and the economic impacts of business environment optimization.
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