Shanshan Yue, Bajuri Hafiz Norkhairul, Saleh F.A. Khatib, Yini Lee
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引用次数: 0
Abstract
Purpose
This study delves into the nuanced relationship between financial constraints, ownership structures (state-owned and foreign) and innovation engagement within China’s A-share market, aiming to uncover how these dynamics vary across different industries and regional contexts.
Design/methodology/approach
By retrieving data from various datasets in China (2010–2022), this study analyzed the effectiveness of each variable, employing various dimensions to reflect innovation engagement among Chinese listed companies. Meanwhile, for the measurement of financial constraints, this study tested all four typical ones and opted for the KZ Index, as it is the most suitable for China’s A-share market. Then, by fixing the industry and year effects, the study examined the main and moderating effects. At last, in order to address endogeneity issues and capture the dynamic nature of innovation activities, this study follow the suggestion of Khatib (2024) and employed the two-step system Generalized Method of Moments (GMM) estimation.
Findings
The results demonstrate that while the government has introduced many policies to promote innovation, state-owned ownership does not consistently enhance innovation engagement as expected, especially when firms are in financial dilemma. Particularly, in Hi-tech industries, foreign ownership demonstrates greater interest and confidence in the innovation capabilities of China’s A-share market. Findings also reveal significant regional heterogeneity in the moderating role of ownership structures. While state-owned and foreign ownerships have a buffering effect against financial constraints in the eastern and western regions, but this effect is notably different in the middle part, even though it is China’s political heartland.
Originality/value
The findings offer a different insight for policymakers and corporate strategists, suggesting that targeted financial and regulatory policies that leverage specific ownership structures can foster innovation in different ways, particularly in financially constrained environments. However, how to stimulate innovation vitality in the middle part of China still requires further research.
本研究探讨了中国 A 股市场中财务约束、所有权结构(国有和外资)与创新参与度之间的微妙关系,旨在揭示这些动态因素在不同行业和地区背景下的差异。设计/方法/途径本研究通过检索中国各种数据集(2010-2022 年)中的数据,分析了各个变量的有效性,并采用不同维度来反映中国上市公司的创新参与度。同时,对于财务约束的测量,本研究测试了所有四种典型的财务约束,并选择了最适合中国 A 股市场的 KZ 指数。然后,通过固定行业效应和年份效应,研究了主要效应和调节效应。最后,为了解决内生性问题并捕捉创新活动的动态性质,本研究采纳了 Khatib(2024)的建议,采用了两步系统广义矩法(GMM)进行估计。特别是在高科技行业,外资对中国 A 股市场的创新能力表现出更大的兴趣和信心。研究结果还显示,所有权结构的调节作用具有显著的地区差异性。研究结果为政策制定者和企业战略家提供了不同的见解,表明利用特定所有制结构的有针对性的金融和监管政策能够以不同的方式促进创新,尤其是在金融紧缩的环境中。然而,如何激发中国中部地区的创新活力仍需进一步研究。
期刊介绍:
Kybernetes is the official journal of the UNESCO recognized World Organisation of Systems and Cybernetics (WOSC), and The Cybernetics Society.
The journal is an important forum for the exchange of knowledge and information among all those who are interested in cybernetics and systems thinking.
It is devoted to improvement in the understanding of human, social, organizational, technological and sustainable aspects of society and their interdependencies. It encourages consideration of a range of theories, methodologies and approaches, and their transdisciplinary links. The spirit of the journal comes from Norbert Wiener''s understanding of cybernetics as "The Human Use of Human Beings." Hence, Kybernetes strives for examination and analysis, based on a systemic frame of reference, of burning issues of ecosystems, society, organizations, businesses and human behavior.